Boris Titov has proposed to allow settlements in crypto-currencies for cross-border shopping

Business Ombudsman Boris Titov has proposed to allow settlements in crypto-currencies for cross-border shopping.

«We suggest that cryptocurrency could be used, people had the right to remain in Bank accounts and wallets. The second be exchanged for any Fiat currency, including the ruble. The third is to pay in these currencies, but on foreign operations. In the domestic market to pay for the sandwich or «Crumb-potato» it is impossible, as you cannot pay a dollar. The state your internal the market of payment should be protected,» — said Titov.

On 3 November, experts from the Institute of Economics of growth they. P. A. Stolypin and the Commissioner of the President of the Russian Federation on protection of entrepreneurs ‘ rights Boris Titov presented for discussion a proposal to regulate the cryptocurrency in Russia. The business Ombudsman sent a draft to the discussion in the state Duma Committee on financial market, the Bank of Russia and Ministry of Finance.

The draft proposes to define in law the concept of cryptotokens, to regulate the exchange of crypto-currencies into the national currency of the Russian Federation and foreign currency, to create a «regulatory sandbox» for the study of such types of operations as ICO and mining.

According to the same project, cryptocurrency may be admitted to the transactions of purchase and sale, they can not pay for the work and services, and conduct other transactions, the civil code, but can be exchanged for ruble and foreign currency. However, not all cryptocurrencies can be admitted to such exchange, but only with the operator or center issue. According to the proposals, the question of admission to the exchange for the ruble and foreign currency will be determined by the Central Bank.

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