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Two concepts of development in cryptocurrency trafficking legislation be considered in Russia

Elina Sidorenko announced a meeting of the State Duma's working group on risk assessments of cryptocurrency turnover in December this year.

Professor of the Department of Criminal Law, Criminal Procedure and Criminalistics of MGIMO, head of the State Duma's interdepartmental working group on risk assessments of cryptocurrency turnover Elina Sidorenko announced a meeting of the State Duma's working group on risk assessments of cryptocurrency turnover in December this year. The announcement came at a conference of Blockchain & Bitcoin Conference Russia, which takes place today, November 10, in Moscow.

At this meeting, which will be held tentatively on December 15, two concepts of legislation development in cryptocurrency turnover will be presented to experts and representatives of relevant ministries by members of the group, then it will be determined in which direction the further work of the group will proceed.

 

sidorenko

These concepts include the definition of cryptocurrency as a financial instrument or as cash. Each of these options has its own pros and cons and requires appropriate amendments to the existing legislation of the Russian Federation.

"We hope that we will succeed, especially since the Ministry is ready to discuss this issue, and so we made a few steps on the way from punitive paradigm in assessing cryptocurrency. In this regard, I urge all of you to help ‘shove’ professional understanding of the issue in the short legislative framework. Today, no country in the world has a law regulating cryptocurrency," Elina Sidorenko said.

Also the head of the working group stressed that Russia now stands at the forefront of the development of such legislation at least on the ground that the matter is already in the State Duma. So perhaps Russia may be the first country to adopt a law on the legal regulation of cryptocurrency.

We recall that in June this year Elina Sidorenko took part in the international and practical conference entitled “E-currency in the light of current legal and economic challenges,” dedicated to the issues of cryptocurrency and development of blockchain technologies in Russia.

Source: forklog.com

  • November 28, 2016 12:03 PM MSK
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