Russia’s welcoming stance on cryptocurrencies just got reaffirmed. “The work [on the bills] is ongoing. We hope to have a broader public discussion following on from our talks with experts, and will hopefully have [the bills] ready by early October – perhaps a little earlier, or maybe a little later,” a statement that was released by Alexey Guznov, the head of Russia’s central bank legal department.
Russia’s parliament, the State Duma, is planning to pass a bill that will regulate bitcoin and other popular cryptocurrencies. The changes, if passed, mean that Bitcoin is going to be more tightly regulated and even taxed.
Alexey Guznov, the head of Russia’s central bank legal department, was quoted by news agency Pravda saying that there was progress in legalizing the bill, which experts believe will be a follow up on the three successful bills passed by the parliament in May 2017. However, for this case, they plan on taking time to scrutinize the nits and grits and see what impacts it could have on the economy.
However, it seems that not every member of the regime is singing from the same hymn sheet. Just recently, Dmitry Peskov, Vladimir Putin’s spokesperson, hit out at the central bank for showing some support on cryptocurrencies. According to him, the central bank should take a firmer stance on the cryptocurrencies given the level of threat that they possess is so high.
He also hinted at introducing stricter rules and regulations for exchanges and ICOs, saying, “We cannot yet allow the issuance and circulation of cryptocurrencies. They run against the basic functions of government. Maintaining order is important.”
The increase popularity of cryptocurrencies and blockchain technology is a phenomenon that has left multiple governments across the world struggling to come up with ways in which they can legally position this new ‘thing’. There are countries like China that have already banned cryptocurrencies entirely, while others are brainstorming on how they can deal with them. There are even others that are planning on coming up with regulations that will promote the development while ensuring consumer safety and security. This is evident in Russia’s Federal Financial Monitoring Service, which track Bitcoin transactions of alleged Russian money launders, drug traffickers and terrorists.