Bank of Russia, the monetary authority in Moscow, wants those who illegally use cryptocurrencies to take responsibility. Financial regulators have proposed to introduce legal liability for digital asset operations that they consider illegal.

The Central Bank of Russia aims to prevent the circulation of decentralized currencies

The Russian Federation’s cryptocurrency and related activities are only partially regulated, mainly through the “digital financial assets” law that came into effect at the beginning of this year. One of the unclear aspects is whether digital currencies can be used to pay for goods and services.

The Central Bank of Russia (Community rehabilitation) Has remained the same be opposed to It is allowed to use Bitcoin etc. for payment. The authorities claim that these are “Money agent“Russia’s current law prohibits the use of the ruble, which recognizes the ruble as the country’s only legal tender across 11 time zones.

CBR now hopes to introduce legal liability for what it regards as “illegal circulation of digital financial assets”. It is worth noting that this promotion is part of its plan to “create an enabling environment for introducing new technologies and supporting financial market innovation”-these are the two key “strategic directions” of the bank under the banner of “promoting digitalization”. “

The proposal already has a place in the plan of the Bank of Russia Documentation It is entitled “Main directions for the development of financial markets in the Russian Federation” until 2024. The project has recently been approved by the board of directors and submitted to the State Duma, the lower house of the Federal Parliament.

CBR stated that in order to develop innovative financial tools, a series of federal laws aimed at comprehensive legal supervision of digital financial assets and practical digital rights must be passed. According to the Central Bank, another aspect that needs to be addressed is the taxation of transactions involving these rights and assets, and a procedure should be established.

The Bank of Russia further pointed out that it is working hard to launch a digital version of its currency. After the third form of the ruble, namely cash and bank currency, a series of legislative reforms are required, the monetary authority pointed out. In early November, Anatoly Aksakov, Chairman of the Parliament’s Financial Market Committee stated, Indicated Duma representatives are preparing to amend 13 Russian laws and regulations to adapt to Central Business District.

At the same time, members of the House of Representatives expressed the possibility of the digital ruble Pose a risk Banking and information security.At the same time, Elvira Nabiullina, Governor of the Bank of Russia, recently statement The new currency is what the Russians need because it will provide them with alternatives to cryptocurrencies and stablecoins, while enabling cheap and reliable payments.

CBR started considering CBDC in 2018 and decided to explore the possibility of issuing CBDC last year. A consultation document was issued in October 2020 and April 2021, and the authorities released the concept of the digital ruble. In June of this year, the authorities formed a pilot group with more than a dozen banks. It plans to complete the prototype of the platform in December and start trials in January 2022.

Do you think the Bank of Russia will persuade lawmakers to take legal responsibility for the illegal use of cryptocurrency? Please let us know in the comments section below.

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