How Russia relates to bitcoin: Vice-Premier of Maxim Akimov

In late March, the Federal Antimonopoly service (FAS) has acted against the regulation of cryptocurrencies in Russia. According to the representative of the Supervisory authority, digital money similar to casinos: this industry is not subject to antitrust protection.

Now the new Deputy Prime Minister for the digital economy, transport and communication Maxim Akimov said that the Russian government aims to ban cryptocurrencies, but concerned about the financial safety of the users. Policy cites RIA.

What will happen to the crypt in Russia

Statements of Deputy Prime Minister relate to the law “On digital of financial assets”, which was submitted to the Duma in March and already passed the first reading. According to Akimova, the government is now trying to make the document “the most balanced from the point of view of security.”

Balance is necessary to give to work the judicial system to give to the work of law-enforcers and to law enforcement authorities, to protect people, to prevent overheating, but the most important thing is not to block the development of new forms of attracting capital on the basis of crowdfunding with the release of digital financial instruments. It seems to me that we very close to find this balance. There are things that exactly the Bank of Russia and Ministry of Finance do not agree, but I think it’s a very healthy balance.

The purpose of the draft law “On digital of financial assets” — secure in the Russian legal field determine the most popular financial a digital asset and create a legal environment for attracting investment. We are talking about the ICO, because the money expect to get “by issuing tokens is digital of financial assets”. They will be able to hold companies and individual entrepreneurs.

In addition, the paper will introduce the terms “cryptocurrency” and “token” and legislate the concept of “smart contract”. It is understood as “a new kind of contract concluded in electronic form”.

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