According to information edition, the Ministry of Finance of Russia proposed to discuss a new version of Article 14 of the Law “On Digital Financial Assets”, which regulates the circulation of digital currency. The amendment prepared by the Ministry of Finance introduces a clause into the bill, according to which the organization of the circulation of cryptocurrencies will be prohibited in the country, with the exception of the activities of mining companies wishing to sell the extracted assets.
“In the Russian Federation, the organization of the circulation of digital currency is prohibited, with the exception of the organization of the circulation of digital currency in the conditions of mining (including participation in the mining pool),” the amendment prepared by the department says.
In the interpretation of the financial department, the organization of the circulation of digital currency in the Russian Federation is understood as the activity for the provision of services aimed at ensuring the completion of civil law transactions or operations involving the transfer of digital currency from one holder to another, using the Russian information infrastructure, through Russian exchanges, exchangers or cryptomats.
However, two law enforcement agencies at once, the Investigative Committee (IC) and the Federal Security Service (FSB), criticized the Ministry of Finance, believing that in this edition the amendment can be interpreted as a complete ban on organizing any activity for the circulation of digital currency. For example, the use of language proposed by the Ministry of Finance may cause confusion among industry participants and regulators between “prohibition of circulation” and “prohibition of circulation”, which, in turn, will lead to legal uncertainty.
“The definition of the organization of the circulation of digital currency in the Russian Federation should exhaustively reveal all the features of this process and require additional discussion,” the FSB said in response to the proposal of the Ministry of Finance.
In addition, law enforcement agencies believe that in the future, a ban on the circulation of cryptocurrencies can increase the share of the shadow economy, provoke an increase in crime and fraud, and also destabilize economic relations.
Recall that in May, the head of the financial policy department of the Russian Ministry of Finance, Ivan Chebeskov, recommended that Russians with an average income and below not consider cryptocurrencies as a store of value.
Source: Bits
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