Bitcoin is no longer a currency, but rather a tool for savings, says Anatoly Aksakov, head of the State Duma Committee on the Financial Market. In an interview with TASS, he explained that cryptocurrency is very volatile, so it cannot be legalized, especially for an unqualified investor, writes RBC Crypto.
Aksakov called the law on CFA, which came into force in January of this year, “an adequate mechanism”, similar to what is happening on the securities market. According to the deputy, cryptocurrencies are actually securities, only in digital form.
“There are even book-entry securities. These are securities or digital assets that are issued or traded on the blockchain. There may be other information systems besides the blockchain, but so far I have no idea which ones. All two years they talked about mining, bought farms, now they forget about mining, this business is leaving, ”Aksakov said.
According to the deputy, the authorities have many questions related to the legalization of cryptocurrency, with a more essential definition of an asset. Now, according to the law, digital currency is defined as a certain digital code, a collection of digital signs. At the same time, the digital currency taxation proposals state that it is property. This led to discussions, and “the lawyers drowned in disputes,” explained the head of the Duma committee on the financial market.
Despite the fact that the law on the CFA states that it is necessary to declare cryptocurrency, this is not spelled out in the Tax Code, since the corresponding law has not yet been adopted in the second and third readings, said Aksakov. He added that while the declaration of the cryptocurrency is voluntary, but the deputy admitted that “questions may arise when you declare.”
Aksakov said that he does not own cryptocurrencies, as “the deputies were forbidden to buy them.” He also noted that he wanted to buy bitcoins in order to accumulate. But at that time, the cryptocurrency had already grown in price, so “it was a shame to spend money.”
“If it (bitcoin) cost 100 rubles, I would buy it,” the deputy concluded.