Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, called bitcoin the “mother of blockchain” and a bubble that must burst sooner or later.
In his interview, Aksakov explained that blockchain technology has been around for a long time, but the public learned about it thanks to bitcoin. At the same time, bitcoin is a private cryptocurrency with no collateral. Its value is supported only by the trust of the participants in the system.
Aksakov believes that bitcoin needs to be regulated because it can be used for illegal transactions, money laundering and corruption schemes. The same opinion is shared by the president of the European Central Bank (ECB) Christine Lagarde, who considers bitcoin an asset for speculation.
Bitcoin should be banned as a means of payment, Aksakov said. In Russia, on January 1, the law “On digital financial assets (DFA) and digital currency” came into force, according to which cryptocurrencies cannot be paid on the territory of the Russian Federation. Aksakov said that amendments have already been made to the legislation, requiring owners of cryptocurrencies to declare their digital assets and pay tax on income derived from their use.
Aksakov touched upon the topic of the digital ruble. In the fall, the Bank of Russia began a public discussion about its release. Sberbank offered to convert all non-cash rubles into digital ones. However, Aksakov believes that this is not necessary now. It is likely that this will happen in the long term if the digital ruble displaces non-cash rubles from circulation. The law on the CFA does not prohibit their tokenization, so the Bank of Russia can do it legally. Aksakov said that banks have received many rational proposals that should be taken into account when finalizing the report on the digital ruble.
Recently, the Chairman of the State Duma Committee suggested that from the beginning of this year, after the entry into force of the law on the CFA, a massive release of digital assets will begin in the country.
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