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Alexei Muratov commented on the process of legalizing crypto-currencies in Russia and in the world

It is quite obvious that the start of the attention of the Russian government to the world turnover of cryptocurrencies has been vividly highlighted by the creation of a working group on “Digital Economy”.

Partly, the issue had been discussed before, but it was the directive of the President of the Russian Federation, Vladimir Putin, that signaled a full-fledged start to the drafting of bills related to the crypto-currency market. Now not only the Ministry of Finance and the Central Bank work on this topic, but a new player, the Ministry of Communications actively joined the process of legal regulation of the new branch of the national economy.

Uncertainty introduced

The inclusion of a new agency in discussing the issue of legalization of crypto-currencies not only surprised experts of the financial sector, but also in some way introduced an additional uncertainty in the confrontation that has developed over the past years around the regulation of crypto-currencies in Russia.


In turn, the skeptical position of the ministry is expressed by its head Mr. Nikolai Nikiforov: "The same bitcoin, Etherium and all other types of crypto currencies are, in fact, the technology of some cryptographic transformation and confirmation that some particular information is reliable. In Russia there are our own algorithms. We, from the point of view of Russian jurisdiction, do not recognize foreign, Western cryptographic algorithms, -the minister said. - Therefore, when everyone says that we are legalizing something about Bitcoin directly in our jurisdiction, I am skeptical about this, simply on the basis of this technological requirement. I am sure that in Russia it is hardly possible to fully legalize bitcoin, based on these technological limitations. "

However, the head of the department does not support the full and final ban, recognizing that he does not yet have any concrete decisions: "I'm saying that such rhetoric that we are going to ban everything and recognize everything as illegal is wrong. Because if we do not, then other states, including our neighboring neighbors, including the economic bloc of the Eurasian Economic Community, will do it. Given that we have the freedom to move capital, we will simply get a story when huge funds from our economy will flow into neighboring economic jurisdictions. "

"I think that there should not be applied such kinds of taxes as VAT, profit tax. Rather, it should be about the personal income tax, "- Mr. Nicholay Nikiforov comments on the current issue of taxation of the crypto currency.

Russia and the world on the verge of financial revolution

However, not all departments are so skeptical in their judgments as the Ministry of Communications. For example, the Central Bank is actively working not only on the legal definition of the crypto currency in Russia, but also on the creation of a national crypto currency.

In turn, the founder of the crypto currency PRIZM and the chairman of the movement "Change the World Together" Mr. Alexei Muratov commented on the processes of legalization and the creation of a national crypto currency in a number of Russian media:

"Nikiforov's proposal in the legal sense is first of all a “cart before the horse”. The proposal of the head of the Ministry of Communications is unrealizable for a number of reasons, each of which, individually, is enough to bury the idea.

At the moment, the circulation of crypto currency in the Russian legal field has not been regulated at all. They are not legally a means of payment, nor a commodity, nor a security. It is impossible to tax something that in the legal sense does not exist. "

Alexei Muratov also predicts: "The explosive development takes place in blockchain technologies nowadays. Technologies which were advanced yesterday, are already out of date by tomorrow. Legislators are therefore doomed to constantly lag behind the actual state of the market in the crypto currency, which means that there will always be a "gray zone" in this market where miners can work without reporting to the state and its tax authorities." (comments for "Ridus").

"Now in Russia there are several teams that somehow work on legalizing the crypto-currencies and introducing them into the legal field. There are such teams in the Central Bank, in the State Duma, and in the Finance Ministry. Yes, indeed, the position of the Central Bank team is now more loyal to the crypto-currencies, but let's wait for the final law, which will soon be adopted. "

"Everyone is now speaking about Bitcoin, but no one really understands that both Bitcoin and its counterparts were declared decentralized only at the start. As they develop, they become centralized - the power over these crypto-currencies accumulates in one hand. Control over Bitcoin accumulates in the hands of large mining pools, including those in China. They will soon be able to make decisions on making changes to the rules. But new technologies can actually keep the decentralization of the crypto-currency - the major mining centers will no longer be needed. Russia needs to catch this trend and lead it. This is a revolution comparable in scale to the Great Bourgeois Revolution. And we cannot oversleep it in any case, " Mr. Alexei Muratov emphasizes in his interview with the journalists of the" Profile ".

The emergence of a crypto-yuan is possible

Despite the positive evaluation of the drafting of draft laws on legalization, Mr. Alexei Muratov also emphasizes the relevance of the current problem of decentralization in Crypto-currencies.

In the commentary for “Ridus”, the founder of PRIZM crypto currency predicts that in the nearest future the entire industry of crypto-currencies may be concentrated in the hands of several mining pools, who each day reduce the profitability of the activities of ordinary "crypto-drivers".

"In fact, everything will return to the point from which the developers of blockchain technology tried to leave: instead of control by the US Federal Reserve (in fact, the global central bank), we will get control from a narrow circle of issuers of crypto-currencies that will play the role of such a virtual FRS. And one cannot be sure that this crypto-currency Central Bank will be Russian or even American. I think it is more likely to develop under conditions that Chinese miners will dictate, if in Beijing they decide to support crypto-currency emission at the state level, “ Mr. Alexei Muratov says.

  • September 8, 2017 2:43 PM MSK