{"id":11494,"date":"2022-01-28T19:15:08","date_gmt":"2022-01-28T19:15:08","guid":{"rendered":"http:\/\/ci02986fb35000240b"},"modified":"2022-01-28T19:15:08","modified_gmt":"2022-01-28T19:15:08","slug":"russia-prepares-roadmap-for-bitcoin-crypto-regulation-report","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/russia-prepares-roadmap-for-bitcoin-crypto-regulation-report","title":{"rendered":"Russia Prepares Roadmap For Bitcoin, Crypto Regulation: Report"},"content":{"rendered":"
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The Russian government is coming out in favor of establishing a comprehensive legislation for Bitcoin and cryptocurrency as members discuss the potential negative side effects of banning the industry altogether as suggested by the central bank.<\/p>\n

Putin reportedly backs<\/a> the government\u2019s efforts to regulate the asset class despite the Bank of Russia\u2019s last week comments on the alleged risks of enabling Bitcoin to proliferate in the country. The President said<\/a> in a Wednesday meeting with government officials that Russia had \u201csome competitive advantages\u201d to mining bitcoin, namely power surplus and a well-trained workforce, after stating the central bank would not stand in the way of technological innovation.<\/p>\n

More specific directives for regulating cryptocurrency in Russia came on the heels of Putin\u2019s comments as deputy prime minister Dmitry Chernyshenko on Friday signed a roadmap valid until the end of the year, RBC<\/em><\/a> reported. The document provisions the regulation of Bitcoin, identification of clients, establishment of liabilities for violations and the possibility of having cryptocurrency lending platforms and related assets in the country.<\/p>\n

Andrey Lugovoy, first deputy head of the Committee on Security and Anti-Corruption of the State Duma, the federal assembly of the Russian Federation, said on Friday that the legislature will support the government\u2019s roadmap for regulating cryptocurrencies, given that he considers an outright ban on this market \u201cunconstructive\u201d as it risks the establishment of a \u201cblack market\u201d in the economy, local state-owned news agency RIA Novosti<\/em><\/a> reported.<\/p>\n

\u201cWhen we talk about digital financial assets, about cryptocurrency, about the crypto market, we must understand that we are not just trying to amend certain bills, we are trying to regulate a new entity that the whole world is facing, and we must determine our position,\u201d Lugovoi said, according to a translated version of the report.<\/p>\n

According to RBC<\/em>, the roadmap is the product of a coordinated effort between representatives of different departments and agencies, including the Ministries of Finance and Economic Development, the Prosecutor General\u2019s Office, the Federal Security Service and Tax Service, the Ministries of Internal Affairs and Digital Development, and the Bank of Russia. The proposals included in the document have reportedly received support from all involved agencies, except for the central bank.<\/p>\n

The Bank of Russia\u2019s head of financial stability, Elizaveta Danilova, said on Friday that the central bank considers comparing Bitcoin to money to be \u201cincorrect and very dangerous\u201d as the digital currency is an instrument \u201caccompanied by risks\u201d even if there is regulation.<\/p>\n

\u201cThese risks will be excessive and we expect that more and more countries will come to the conclusion that cryptocurrencies should be banned,\u201d Danilova said, according to a TASS<\/em><\/a> report. \u201cSome [people] mistakenly consider them money, although they are not.\u201d<\/p>\n

Danilova added that she believes it to be impossible to equate bitcoin and cryptocurrencies to stocks and bonds as the new assets have \u201cno fundamental value\u201d and \u201clook like a financial pyramid.\u201d<\/p>\n

Despite the Bank of Russia\u2019s views standing in stark contrast to the government\u2019s stance when it comes to cryptocurrency trading and mining, Danilova said they might come to a consensus as requested by Putin, noting that the central bank does not have the right to legislative initiatives.<\/p>\n

\u201cIn any case, we must coordinate the proposed measures with the government, with our parliament – the State Duma, the Federation Council – we will actively communicate with all these parties now,\u201d she added.<\/p>\n

The Bank of Russia had called for a complete ban on the trading, ownership and mining of bitcoin and cryptocurrencies last week<\/a> but the Ministry of Finance quickly responded<\/a> by warranting caution as such a path could lead to Russia lagging behind on innovating in the fast-paced technology sector.<\/p>\n

Bitcoin miners flocked to Russia<\/a> last year after the Chinese ban on the industry ensued an exodus of ASIC machines. The Eastern European country\u2019s cold climate and energy abundant regions make a powerful set of conditions for mining to proliferate.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Russian government is taking fast strides to regulate the bitcoin and cryptocurrency industries despite the central bank\u2019s hard line.<\/p>\n","protected":false},"author":2572,"featured_media":11495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[80,93,2576,219,404],"class_list":{"0":"post-11494","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-crypto","9":"tag-news","10":"tag-putin","11":"tag-regulation","12":"tag-russia"},"author_data":{"id":2572,"name":"Namcios","nicename":"namcios","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/pfp-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/1574713021945.png","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/11494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2572"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=11494"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/11494\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/11495"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=11494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=11494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=11494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}