Russia has finished the first draft of the new regulation for cryptocurrencies.
This was announced by the Chairman of the State Duma Committee on Financial Markets, Anatoly Aksakovwho in an interview declared that the opinions of various parties had been reconciled and a consensus had been reached among market participants.
Due to the emergence of the coronavirus, the approval process of the new law is suspended for nowotherwise, according to Aksakov, it would have already started and perhaps ended in April.
However, Aksakov hopes that the approval process can complete in early summerEspecially since the government seems to be interested in speeding it up.
The regulation is intended to define these new financial assets, but prohibits its use as a means of payment. It will define its issuance and dissemination procedure and will also include collateralized digital assets.
However, Aksakov also adds that the absence of specific regulation has prevented the development of this market, and this statement suggests that the country does not plan to stay on the sidelines.
For example, the new regulations will not affect mining activities Because it is considered a type of activity that produces some kind of value, to which the usual rules, in particular the tax rules, will simply apply. From a fiscal point of view, there will be no new rules, but simply the application of existing rules.
Furthermore, Aksakov believes that when the new regulation comes into force, the country will also have to regulate the activities of exchanges operating in Russia, suggesting that the new law will not specifically affect their activities.
Regarding the digital ruble, he says that the current ruble is already digital, except that it is not based on blockchain, and believes that, over time, A blockchain-based crypto-ruble will also be created.
The image that emerges from these statements is not clear at all, and it will be necessary to wait for the draft of the text before judging it. On the one hand, it seems that the new law has been drafted to curb the adoption of cryptocurrencies, while, on the other hand, it seems to be intended to help the country evolve in this area. These two approaches appear to be in conflict with each other, if not in complete opposition.
It is worth noting that in recent weeks the Russian ruble has lost a lot of value Against the US dollar, probably due to the pandemic and the collapse of oil prices, the Russian economy is highly dependent on the market value of fossil hydrocarbons.
In fact, it has fallen to its lowest level in the past 5 years, which could justify the fact that the Russians are trying to prevent cryptocurrencies from competing with their national currency.
On the other hand, they are aware that there's no point staying out of this new market, and this could justify this ambiguous and contradictory attitude.
However, if cryptocurrencies were spread in the country only as financial assets for speculation or investment, their use as a means of payment would be very difficult to prevent effectively.