An encryption working group held its first meeting in the Russian Parliament. The task of its members is to propose a legislative proposal aimed at comprehensively supervising cryptocurrency and related matters in the Russian Federation.

Working group gathers in the State Duma to draft encryption regulations

Legislators, government officials and experts met in the lower house of the Russian Federation Parliament, State DumaIn order to discuss and propose new legislation aimed at regulating the circulation of cryptocurrencies in the country, the head of the working group Alexey Gordeev announced to the media.

Goldeyev, who is also the deputy speaker of the Duma, said that the Moscow authorities are very aware of the existence and development of the country’s cryptocurrency industry. However, he pointed out that appropriate regulations for the industry have not yet been introduced.

Although cryptocurrencies are partly regulated by the “Digital Financial Assets” Act that took effect in January, a series of related activities and aspects are still outside its scope, including crypto transactions and taxes.

The current Russian legislation lacks definitions of terms such as “cryptocurrency” and “mining”, and Alexei Goldeyev believes that these definitions must be provided. Although Russia refuses to use digital currencies such as Bitcoin as legal tender, the law does not explicitly prohibit Russian citizens from owning and transferring these assets.

Gordeev revealed that representatives of the Central Bank of Russia, relevant ministries and commissions attended the first meeting of the working group on Tuesday. According to Prime, a Russian business news portal, discussions between them will continue in February, when they will assume the task of preparing legislative and regulatory proposals.

Legislators are also expected to review a report in which the central bank will elaborate on its views on outstanding issues.Monetary authorities have always maintained a strong stance on cryptocurrencies be opposed to Their use in payment and call them Money agent“We don’t see the position of cryptocurrency in the Russian financial market,” Vice Chairman Vladimir Chistyukhin Tell Reporter this week.

In early December, the vice chairman of the committee Federal Council Nikolai Zhuravlev announced that the upper house of parliament is forming its own encryption regulations working group. In addition to the senators, it will also include representatives of the Ministry of Finance, the Ministry of Economic Development and the Ministry of Digital Development, as well as the Russian financial supervisory agency Rosfinmonitoring, the Federal Tax Service, the Bank of Russia, and law enforcement agencies.

Do you hope that Russia will soon adopt comprehensive regulations on cryptocurrencies? Tell us in the comments section below.

Lubomir Tasef

Lubomir Tassev is a tech-savvy journalist from Eastern Europe. He likes Hitchens’ famous quote: “Being a writer is my nature, not what I do.” In addition to encryption, blockchain and financial technology, international politics and economics Are the other two sources of inspiration.