Anatoly Aksakov: “A bill to regulate cryptocurrencies in Russia will appear no earlier than autumn”

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Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, called the position of the Central Bank of the Russian Federation on the ban on cryptocurrencies “as tough as possible” and said that regulation of the industry would not appear until autumn.

During an interview with journalists, Aksakov stressed that the regulator’s attitude towards cryptocurrencies had been known for a long time, and nothing unexpected happened. However, the release of the report for public consultations provides ground for reasoned discussion and elaboration of the issue.

At the same time, the deputy reminded that this is just a report, and not a bill or a resolution. This is not a final document, and the decision will be made by several departments collectively – the government, the State Duma and the Central Bank of Russia.

Aksakov said that the position of the regulator is clear to him and in many ways close to him. Cryptocurrencies can indeed pose significant risks for inexperienced investors, and there are risks of being used for criminal purposes as well. However, one must understand that “the market is developing, and, obviously, someday it will acquire a more civilized content.”

“The most important thing is that material has appeared on which it is possible to conduct disputes, offer their own options for solving this or that problem, removing certain risks that the Central Bank outlined in the report. Further, during the discussion, we will determine which option is preferable,” Aksakov said.

According to the chairman of the State Duma Committee on Financial Markets, there is still no common and agreed point of view in the government regarding the regulation of cryptocurrencies. Discussions will be held for a long time, and the bill to regulate the industry will appear no earlier than this autumn.

Recently, the Central Bank of the Russian Federation began studying the work of commercial banks with cryptocurrency exchangers. The liquidation of such exchangers is necessary to implement the ban on the use of cryptocurrencies in the country – of course, if such a ban is approved by the government.

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