Dmitry Medvedev: ignore transactions in the digital environment you can no longer

Speaking at the plenary session of St. Petersburg International legal forum, the Prime Minister of Russia Dmitry Medvedev said that cryptocurrency transactions is the reality that can no longer be ignored, and the so-called draconian regulation can stifle the evolving digital environment in Russia.

«The ruble is now and in the future remains the only legal tender, but transactions in the digital environment is the reality that we can no longer ignore. We need to fix in the civil legislation of the basic provisions to translate them into the language of the law. Therefore, instead of the common slang expressions like «cryptocurrency» and «tokens» legislators develop a more legally rigorous concept of «digital money, digital rights and some other», – said the Prime Minister.

The head of the Cabinet reported the appearance of unknown and sometimes unclear legal framework, ways to invest in digital projects and the dissemination of technology of the blockchain, which brings a new round of development of international financial transactions.

«Now the state Duma is preparing two draft laws that relate to digital technologies in the financial sector. Regulation will provide legal protection from abuse in case of disputes, prevent to withdraw assets in an unregulated digital environment, which is especially important when combating the legalization of income obtained by criminal means, as well as create the basis for building a tax system of such objects», – added the Prime Minister.

Strict regulation of the digital environment the Minister is counterproductive and unrealistic – according to him, it is better to introduce a flexible regulation, not hindering its development.

«The attempt to regulate the digital world is totally counterproductive and unrealistic. The world is changing very fast, and we need to have flexible legislation which defines some basic terms, but does not interfere with the development of digital space. Need to find this balance is probably the most difficult task,» – said Medvedev.

He also noted the inappropriateness of the prohibitions in the digital environment, where immediately there are ways around them.

«Today it is not working the full triad of conventional methods – requirement, permission, prohibition. In the digital environment, in global markets is difficult enough something categorically to prohibit and to ensure the implementation of the ban, he said. Immediately there are ways to circumvent the prohibitions and regulations. As we see it, including standards for the protection of intellectual property and a variety of other legal institutions.»

As a result of this regulatory overhead, covering the expected effect of its introduction.

«Modern law in this sense, should be risk-oriented. That is to create incentives for certain actions to offer best and convenient model, leaving freedom of action,» – said the Prime Minister.

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