Discussion of cryptocurrencies in the Russian business Week in Moscow 2018

When the State Duma plans to adopt a law on the cryptocurrency that is why there is digital money and it is now there are differences of state bodies on regulation of the new market — were discussed by experts at the Russian business Week in Moscow.

According to the Chairman of the Committee on financial market Anatoly Aksakov, in may of this year the state Duma may adopt a law on the regulation of the stock market. At present, the database of parliamentarians of the two bills, and in the coming months they will come to a decision.

«I propose the state Duma to find a compromise that as soon as the relevant bills to be paid, say, in the first quarter, the deadline is in may, to accept it, is to implement orders of the President», – said the Deputy.

Agreed with Aksakov, first Deputy Chairman of the Central Bank Olga Skorobogatova. She reported that the differences of the regulators relate to the exchange of crypto currency for rubles or another currency in the country. The Finance Ministry does not prohibit it. At the Central Bank more hawkish – deals are possible only in relation to tokens.

«Despite the fact that there are disagreements regarding the main points, we coincide with the Finance Ministry and with the Council, with experts, with whom we are discussing this topic. We question not only to allow/not allow cryptocurrency, this is the question that you should answer, but he’s definitely not the most important in order to understand how we can develop our economy, our finances,» said Skorobogatova.

Also, the Chairman of the Central Bank told about the nature of a private currency with anonymous wallets, inability to track the entire chain. «Of course, bear the risks and consumers and investors. And when we have volatility in twice in one direction and then the other, to recommend or encourage our consumers have accepted it [bitcoin], thought it was a good investment instrument, in terms of the state it would be extremely dangerous,» – said Skorobogatova.

She recalled that countries such as China and India, in which cryptocurrencies and exchanges are actively working, today changed its position. China banned the exchange of cryptocurrencies. India in the near future plans to do so.

The President of the Association of Russian banks Garegin Tosunyan said that the cause of cryptocurrency lies in the regulation of the financial market not only in Russia but also in the world.

«Excessive regulation leads to the fact that, given the technological capabilities of the business goes into alternative forms of relationships. Is one form of cryptocurrency,» – said the speaker.

The Chairman of the Board of JSC Moscow Exchange Alexander Afanasiev noted that due to the digitalization of a new type of investor. «A new type of investor is making its way to the different markets. Now many of them go into operation, as they say, to «crypt». And it is clear why the market attracts them with its incredible innovation,» – said the speaker.

The experts came to the conclusion that today’s digital technology dominated world, it is a young market and yet may not arise unequivocal decisions about its regulation.

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