The Central Bank named the conditions for the legalization of cryptocurrencies in Russia

The Central Bank named conditions for the legalization of crypto-currencies in Russia, the first deputy chairman of the Central Bank, Olga Skorobogatova, stated during the St. Petersburg International Economic Forum. According to her, the department adheres to a conservative position in relation to the regulation of the cryptocurrency, but in spite of this, in the future the point of view can be reconsidered.

“We do not yet consider the issue of cryptocurrencies as a settlement and payment means, the risks are still large, but this does not mean that after some time, when we understand the technology itself and the cases on its basis have proved their applicability, we we will not return to this issue and will not make any changes in any part” said Skorobogatova (TASS quote).

The Deputy Chairman of the Central Bank added that, together with the Ministry of Economic Development, the possibility of transferring public procurement to the new platform “Masterchain”, which was created on the basis of distribution registers technology, is being discussed.

On May 22, the State Duma adopted in the first reading bills “On Digital Financial Assets”, “On attracting investments using investment platforms” and “On Digital Rights”. The document “On Digital Financial Assets” legally fixes a new type of contract, concluded in electronic form, – a smart contract. It defines cryptocurrencies and tokens with property that is not a legal tender in Russia.

“Mining is recognized as an entrepreneurial activity in the case when the person who implements it within 3 months in succession exceeds the energy consumption limits established by the government of the Russian Federation”.

The bill also permits the exchange of tokens into rubles or foreign currency only through exchange operators of digital financial assets. They can only be brokers, dealers, legal entities that carry out trust management activities, as well as stock exchanges. The list of other transactions permitted in Russia for the exchange of digital financial assets, as well as their order and conditions, will be established by the Central Bank in consultation with the government, according to the draft law.

A separate article establishes the legal basis for conducting in Russia the procedure for issuing tokens (Initial Token Offering, ICO). A token of one kind can have only one issuer. The new investment platform will be managed by operators whose own funds should exceed 5 million rubles. At the same time, operators can not be banks or non-credit financial organizations.

money“To ensure the protection of unqualified investors, the bill provides for the Bank of Russia to be given the authority to limit the amount of acquiring tokens by persons who are not qualified investors,” the State Duma said. The maximum amount of investments of unqualified investors is not specified in the draft law. Source:

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