Rosfinmonitoring against the free exchange of cryptocurrency in Russia

Deputy Director of Rosfinmonitoring Paul Livadny at the Congress of the Association of Russian banks (ARB) said that his organization opposes the free exchange of cryptocurrency in Russia.

Livadny explained that he believes crypto-currencies, high-risk, speculative assets that have no real value. Practice the free exchange of cryptocurrencies is not used anywhere else in the world, even in jurisdictions with looser regulation. The actual exchange takes place only through a special exchange with the identification of persons engaged in sharing. Based on this statement, it should be noted that this issue is actively discussed.

«The world practice, and in particular, the experience of the United States and Japan, shows the need of identification of the person making the exchange. Responsible for identification borne by the exchange on which the transaction is,» explained Livadny.

In the current version of the draft law «On digital of financial assets» refers to special operators, which can exchange digital assets. These operators act solely legal entity.

«The document provides for the implementation of the transaction for the exchange of cryptocurrency for Fiat money. The procedure and conditions of such transactions will determine the Bank of Russia in coordination with the government of the country», — stated in the bill.

Earlier, Deputy Chairman of the Central Bank of Russia Olga Skorobogatova has stated that the regulator does not consider it appropriate to allow a free exchange of cryptocurrencies.

She stated that the Central Bank sees huge risks in the free flow of digital assets, as well as in their use as means of payment. It should be noted a large number of analytical materials and reports of various intelligence agencies, indicating that due to the anonymity and other features of cryptocurrencies, they are often used in various fraudulent schemes, for the financing of terrorism and money laundering.

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