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State Duma considers amendments to laws relating to cryptocurrency

For acceleration of new technologies development and introduction including blockchain, the Central Bank of Russia intends to propose to the State Duma a number of amendments in legislation in 2017.

This was announced by Chairman of the Board of the International Publicl Movement Change the World Together (CWT) Aleksey Muratov, referring to the statement of representative of the Bank of Russia Court of Directors Olga Skorobogatova. In particular, she announced that the Central Bank intends to encourage actively the development of fintech in Russia, planning to “carve a certain niche out before foreign players”.

"Currently the development of fintech in Russia goes on with support from the Central Bank. So, in October the representatives of regulator announced the creation of consortium “Fintech” - a joint project of the Central Bank and the ten largest banking institutions of the Russian Federation created for the "running" technology of distributed ledgers" Aleksey Muratov reminded.

At the same time, he noted that for the present financial technologies do not develop so quickly in Russia than in other countries. "One of the reasons of not rapid cryptocurrency development in Russia is the lack of an appropriate legislative framework. Therefore, the Central Bank initiated to prepare a number of amendments to the laws for consideration by the State Duma next year," Muratov said

It is planned that primarily the package of amendments to the current legislation prepared by experts of the Bank of Russia will be focused on the introduction of blockchain concept to the legal boundaries of the Russian Federation and settlement of cryptocurrency market. We remind that last week the Federal Tax Service of the Russian Federation published a letter on measures to control the cryptocurrency circulation, the main thesis of which was the all operations connected with the acquisition or sale of cryptocurrency in RF are equal to the usual exchange transactions.

Source: CWT News

  • December 7, 2016 12:58 PM MSK