The Finance Ministry presented an updated draft law «On digital of financial assets»: the Ministry and the Central Bank are unable to agree on the issue of regulating the exchange of crypto currency for rubles.
«Under the bill there is a disagreement with the Bank of Russia in the part provided for the possibility of exchange of cryptocurrency in rubles, foreign currency and/or other property. According to the Bank of Russia, data of the transaction should be allowed only with respect to tokens with the aim of attracting funding,» – noted in the Ministry of Finance.
The Finance Ministry said that the ban on transactions with cryptocurrencies will create the conditions for their use as an instrument for the maintenance of illegal business and money laundering.
«The proposed bill to enshrine in law the definition of cryptocurrency, which is a property in electronic form, and also established by the bill a special order of the Commission on the territory of the Russian Federation of transactions with cryptocurrency is only through the exchange operators digital of financial assets that meet the special requirements will significantly reduce the risk of fraud, AML/CFT, as well as to promote the creation of transparent tax regime for operations with cryptocurrencies, which will lead to increased tax revenues in the budget of the Russian Federation», – consider in the Ministry of Finance.
Representatives of the Ministry also point out that in Russia no plans to use cryptocurrency as legal tender.
«Today, in the final stage of development is the draft Federal law providing a definition in the legislation of the Russian Federation the concept of «money surrogates», as well as establishing accountability for their use as means of payment. The development of this bill due to the need to preserve the constitutional status of the ruble as the sole legitimate means of payment and the stability of the financial system of the Russian Federation», – concluded the Ministry of Finance.
Of the Ministry of the draft law «On digital of financial assets», it follows that the draft law on the Ministry of Finance proposes to introduce in the legal field registry cryptocurrency transactions and assign the validator to legally confirm transactions and to limit the purchase of tokens for individuals and to prohibit secondary trading.
The full text of the bill can be found on the website of the Ministry of Finance of the Russian Federation.