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Holiday on Bitcoin street: Russia opens economy for cryptocurrency

Despite the fact that there are still quite a few lobbyists in Russia who deny such a phenomenon as the use of cryptocurrencies, supporters of Bitcoin legalizing can already announce the beginning of a positive dialogue with the state.

For several years, representatives of financial departments of the Russian Federation have expressed ambiguity about such a global economic event as the emergence of cryptocurrency.

As a rule, the representatives of authorities denied the introduction of Bitcoin into the economic structure of the country, arguing their point of view with different statements. However, the time was passing and the unique Bitcoin system found its users - people rightly assessed a number of advantages of an innovative financial instrument. In addition, currently the list of cryptocurrencies has significantly expanded, and therefore, the state simply needs to take into account the interests of the user community of crypto-currencies at the legislative level.

Opinion of the Russian Federation authorities. Time for changes in legislation

                   * Currently, there are a number of cryptocurrencies in the world that are the objects of attention but the most famous is Bitcoin launched in 2009.

                    Bitcoins, in fact, are "virtual money". This is a program code that can not be regulated by any country in the world, governments, central banks or finance ministries.

One of the main features of Bitcoin is the complete anonymity of the person performing

financial transactions.


Despite the fact that there are still quite a few lobbyists in Russia who deny such a phenomenon as the use of cryptocurrencies, supporters of Bitcoin legalizing can already announce the beginning of a positive dialogue with the state.

As Deputy Finance Minister Aleksey Moiseev stated in an interview with Bloomberg, representatives of the Russian government have already seen the advantages of cryptocurrencies and are considering the way to legalize Bitcoin by 2018. Also the interlocutor of the agency stressed that such a decision was made to intensify the fight against illegal money transfers.

"The state must know each participant of the financial transaction. If this is a transaction, then the persons taking part in it directly need to understand who they are buying from and to whom they are selling, as it happen within banking operations," Aleksey Moiseev noted.

It is also known that similar statements sounded from other representatives of authorities. For example, at the beginning of February 2017, the Deputy Chairman of the Central Bank of the Russian Federation, Olga Skorobogatova informed the media that the Bank of Russia together with the Russian government is developing an official position on cryptocurrencies. The Deputy Chairman of the Central Bank also emphasized that today operations with Bitcoin do not even require the intervention of the regulator.

A long way to cryptocurrency legalizing

Since the start and large-scale distribution of Bitcoin, a large number of activists have participated in attempts to legalize cryptocurrencies, however, it did not bring any concrete results. Considering the statements of the Russian authorities quoted above, it is already possible to suppose that Russia will be the first among the countries building a line of cooperation with Bitcoin.

Online ombudsman Dmitry Marinichev commented this trend and the desire of the Russian Federation authorities to dialogue.

"In any case, all currencies will migrate to the figure. This trend can not be already stopped. It is basic. In fact, those who quickly adapt to the new realities of the present, he will reap the benefits with a large margin relative to other countries in the world," he stated.

Was it so easy way for the government to approve Bitcoin and its counterparts? Obviously not. Establishing dialogue is the result of the work of activists communities explaining the advantages and essence of the work of cryptocurrency to representatives of the Russian authorities.

A little earlier ...

One of the most striking international movements advocating the legalization and use of cryptocurrencies is “Change the World Together”.

Representatives of the movement are active not only in agitating cryptocurrencies but also the hardest, laborious part of the work - legislative.

On April 2, in Moscow, a meeting of the CWT expert council was held, where representatives of the movement considered and formed proposals to working groups on legislative initiatives in the field of legal regulation of the cryptocurrencies activities in Russia. As Chairman of the Board of CWT Aleksey Muratov stated, currently four groups are working officially on this issue in the Russian Federation.

"This is an inter-departmental commission of the State Duma, acting as the central regulator of legislative initiatives, a working group of the RF Central Bank, mainily engaged in monitoring of legal regulation of cryptocurrencies in other jurisdictions, the working group of the RF Ministry of Finance and the Center for Strategic Developments. As the participants themselves state, by the autumn session of the State Duma it is planned to prepare the first separate bill in the world regulating legal relations in the field of digital objects of law, cryptocurrencies and application of related technologies in the territory of the RF. Therefore, now the participants of the Russian Federation cryptocommunity should hasten to make their own proposals, especially in the light of the given legislative initiatives," Aleksey Muratov said.

He also stressed that currently there is no legislation in the world regulating financial transactions in cryptocurrency: "As a regulatory law there are often statements by officials, individual by-laws, court decisions relating to cryptocurrencies. And this applies to such countries that have the greatest influence on the formation of legal practice on the rights of the world's largest economies, such as RF, China, the United States, Japan, the EU countries. Moreover, most state regulators of cryptocurrency are still considered as a commodity (a means of exchange, an investment instrument) that is not money. However, the attitude towards electronic money in the world is gradually changing, which makes it necessary to introduce relevant changes in the legislation."

The Head of Movement "Change the World Together" also drew attention to the only official document - the letter of Federal Tax Service from October 3, 2016, N OA-18-17 / 1027: "According to this letter, in the acting legislation of the Russian Federation there is no direct prohibition on the conduct of transactions by citizens using crypt currency. However, transactions with the use of cryptocurrency can also be attributed to operations connected to the legalization of criminal proceeds and the financing of terrorism, and also to illegal currency transactions. At the same time, there are no exact definitions of the concepts "monetary surrogate", "cryptocurrency" and "virtual currency" in Russian legislation."

In turn, earlier some representatives of state bodies offered tougher measures of influence on the cryptocurrency market.

"Thus, the Ministry of Finance of RF initiated an amendment to the Administrative Offences Code, implying administrative punishment for operations with cryptocurrency in the territory of Russia, while the Investigation Committee and the Prosecutor General's Office even admitted criminal responsibility. But, fortunately for the participants of the cryptocurrency market in Russia, these proposals were not included in the State Duma in the form of drafted bills," Aleksey Muratov informed.

As Chairman of the Board of CWT thinks, today the law on cryptocurrency is really needed on the territory of RF. However, not for tougher measures and punishments - the market of cryptocurrency needs to be regulated.

"Our expert council considers that now it is necessary to pay attention to the following articles of the RF laws in terms of money turnover: Art. 27 FZ On the Central Bank of the Russian Federation; Part 1 of Art. 140. Civil Code of the Russian Federation; Art. 131. The Labor Code of the Russian Federation," he explained.

The Chairman of the Board of “Change the World Together” also stressed that anyone can share their opinions and make their proposals on this issue.

"You can also join our initiative by sending your proposals to the CWT Expert Council to e-mail or leaving them in the comments on our official website We will be glad of any proposal and certainly discuss it," Aleksey Muratov summed up.

Author: Alexander Pashkov

  • April 14, 2017 12:20 PM MSK