The discussion in REU them. Plekhanov discussed the problems of mining and the bill of the Ministry of Finance

January 31 on-site in the Congress centre of REU them. G. V. Plekhanov was held an open discussion on the theme: «legal regulation of cryptocurrency market and investment on the basis of their scientific approach and practical view».

The discussion was attended by representatives of Federal authorities, scientific community, entrepreneurs and representatives of the expert community:

  • Advisor to the President of the Russian Federation Herman Klimenko;

  • Vice-President of RF CCI Maksim Fateev;

  • Internet Ombudsman Dmitry Marinichev;

  • lawyer Alexander Treshchev;

  • Creator startup LavkaLavka Boris Akimov;

  • the Chairman of Committee TPP of the Russian Federation Vladimir Gamza.

Among the audience was attended by many entrepreneurs, lawyers, developers and cryptoendoliths wishing to understand how much in fact the new technology can change our lives.

The participants discussed approaches to the legal regulation of cryptocurrency market and investment mechanisms with their application, and discussed the issues related to the prospects of cryptocurrencies in Russia.

An introductory statement was made rector of the Russian economic University. G. V. Plekhanov Viktor Grishin, indicating that the key items to date are the development and formation of the legislative rights in the field of cryptocurrency and blockchain and, of course, the training of highly qualified specialists in the industry. Discussion no accident took place on this site Plekhanov University. REU was one of the first Universities in Russia, which launched a program in the field of blockchain and has developed a comprehensive educational project «Laboratory of the digital economy», which includes open lectures, project sessions, a higher education programme (master) for traders, investors, developers and entrepreneurs in the field of Blockchain, IT, digital.

In addition, on the basis of Plekhanov University established rating Agency for the market of cryptocurrencies and blockchain to conduct independent analytical studies of startups participating in the ICO, as well as analysis of the market development and promote the development of legal standards.

The discussion addressed the following key issues:

  • «Prospects for entrepreneurship in the field of mining».

  • «Legal laws for the regulation of cryptocurrencies».

  • «The features of the ICO».

  • «Recent innovations in the Russian and international legislation on cryptocurrency».

  • «The position of RAKIB on the issue of legislative regulation of the cryptocurrency market».

  • «Legislative initiatives for the development of mining as a driver of digital transformation of the socio-economic system in Russia.»

The authorities ‘ position in relation to the new technologies actually formed in October ending year, when the President of the Russian Federation approved a list of instructions to amend the current legislation changes aimed at regulating the cryptocurrency industry, and new digital technologies. The idea of creating a “regulatory sandboxing”, in which banks and companies will be able to test the behavior of the market under given conditions, also figured in held in the fall meeting. In this case, where we have come in the last few months?

As you know, the Ministry of Finance of the Russian Federation of 25 January 2018 and has published a draft Federal law «On digital of financial assets», which, according to most participants in the REU discussion on this point is incorrect and, in practice, not applicable. For example, the Director of the Russian Association of cryptocurrency and blockchain (RAKIB) Arseny Weltzin made a remark about the designated by the Ministry of Finance «hard» restrictions for investors participating in the ICO:

«After market ICO, RAKIB concluded that the average volume of funds invested by investors of one-time large projects of approximately 95 000 – 450 000 RUB but for some reason in the law, which is currently developed by the Ministry of Finance of the Russian Federation, we are talking about the ceiling of 50 000 RUB for one-time investments of investors. The establishment of such narrow confines and constrains actions of market participants, but does not eliminate the existence of high risks. In my opinion, one of the most important governance mechanisms of the market should be the rating Agency that will evaluate the projects coming to ICO».

Maxim Fateev, Vice-President of the CCI of the Russian Federation, also stated that the bill at the moment is “raw” material, not applicable in practice for quality control NWay the digital economy. In turn, the adviser of the President of the Russian Federation Herman Klimenko reminded that the site presents the final version of the Federal law, which will be further revised more than once:

«We want to take into account the views and positions of all market participants and to build consensus that is a prerequisite for effective future development.»

However, the panellists have no doubt that without the controller market is not effectively and smoothly run.

Daniel Sakamaki:

«It is wrong to be guided by the principle «if something is not prohibited by law, then it is permitted.» The market should not work by such rules».

With the complexity of work in the unregulated government of the region has faced Boris Akimov, founder of LavkaLavka farmers co-operative, which launched its own cryptocurrency BioCoin:

«The lack of regulation in the field of ICO and cryptocurrency was forbidden to act, nevertheless, we for the last time several times had to participate in judicial proceedings. And though we know nothing illegal did not make, but these clashes with the law interfere with a little quiet productive work».

With regard to the issues related to the regulation of mining in the territory of the Russian Federation, in General all the panelists delineated the following position:

«Mining is a very promising direction to develop and maintain, and the results of such a strategy will have a positive impact on the economy of the whole country.»

According to the head of the company Radius Group, Internet-Ombudsman Dmitry Marinicheva in the field of mining should not act the businessmen, wishing to receive only the “easy money” and do not understand the entire industry. Prospects of development Dmitry outlined as follows:

«Mining cryptocurrency and its accompanying businesses, such as selling the necessary equipment in the coming years will actively develop this promising direction. A rise in temperature that occurs from the operation of equipment for mining, can be used for good – in Russia there are regions that are heated by electricity».

Program Director REU them. G. V. Plekhanova «Business development accelerator blockchain-based applications on the Ethereum platform» Sakamaki Daniil Sergeevich, as someone familiar with the inside business, built on the activities of the miners, identified the following three main problems of the industry that exist today:

  • the problem of imports of mining equipment and customs clearance;

  • the lack of formalization of mining as activity;

  • the lack of normative and legislative regulation of mining activities.

«In our view, regulation is necessary to complement part 1 of article 31.1. Federal law of 12.01.1996 №7-FZ “On noncommercial organizations”, new paragraph. Stating that mining could take the form of NGOs in the form of socially-oriented non-profit organizations. Thus, in accordance with the specifics of taxation of NGO profits from mining will not be distributed among the founders of the company, and will focus on development of target programs of NGOs in the development of mining in Russia and salaries of persons engaged in organization and support of mining,» added at the end of his speech, Daniel Sakamaki, providing a concrete solution for creating the regulation.

An important event in the framework of today’s discussion was the signing of the cooperation agreement between trading-industrial chamber of the Russian Federation and Radius Group on the establishment of a competence centre, which will provide independent expert opinion on issues relating to the scope of cryptocurrencies and the blockchain. The new direction will meet the Head of the Department of the CCI of the Russian Federation for interaction with public authorities Zubkov Ilya Vladimirovich.

At the end of the activities, the Chairman of the RF CCI Committee on financial markets and credit institutions Vladimir A. Gamza once again reminded how important it is to the drafting of the new growing environment by far to describe the entire area, which were affected by digital of financial assets and define the concepts with which to deal.

Vladimir Gamza:

«With proper regulation, cryptocurrencies can rise over all Fiat currencies, and it is likely that in the near future people will have the ability to make payments worldwide without any conversion and payment of interest to banks for carrying out such operations.»

One of the most important tasks today is to prepare highly qualified specialists who will continue to develop new digital economy and technology at a conceptual level, to change existing financial system, to which we are accustomed, and to bring the economy of our country to a whole new level.

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