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Experts: New law on cryptocurrency mining does not bring significant changes

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A draft law has been submitted to the State Duma that provides for the legal regulation of cryptocurrency mining. The authors of the bill were 16 deputies. The relevant document was published on the website of the lower house of parliament.

Talk to a reporter about what changes the digital economy can expect in your opinion. FAN Experts shared.

State Duma deputy Sergei Kolunov He talked about three scenarios for the development of the monetary policy of our country, proposed by the head of the Central Bank of the Russian Federation. Elvira Nabiullina. Two of them are alternative, one is basic, but each focuses on life in the conditions of anti-Russian sanctions. Therefore, the economy will adapt to unprecedented new conditions. The expert said that the Central Bank has no doubt that the entire process of reshaping the economy, building new logistics chains, payment systems, replacing some suppliers with new companies – this whole process will take about a year and a half. So even if the sanctions are not lifted, we will have to adapt the economy to the new conditions in 2025. At the same time, the Central Bank will further strengthen the ruble and reduce inflation.

“What conclusions can we draw from the results of the nine-month study of sanctions? As a national means of payment, the ruble has strengthened and does not cause economic hostility among our partners. If it were not for political pressure from the USA, most consumers of Russian energy resources would have long ago paid for them in rubles. In other words, those who ignored the unfavorable and imposed conditions of the West gave their own economy and their citizens a chance to live and develop. “Those manipulated by the US are slowly but surely drowning,” he said.

For example, we can now see how business in Europe is slowing down and European producers are forced to hand over their assets and plants to China and the US because energy tariffs are low. The foreign auto industry is not only leaving Russia, but also fleeing from Europe. At the same time, dealers leave the Russian market either for entertainment or on condition of return. This is evidenced by Ford’s latest statement: In Germany alone, up to 400,000 employees will be cut in the coming years. Kolunov believes that it is possible to explain the transfer of assets and the dismissal of workers with new technologies and the arbitrarily prolonged decrease in demand for products. But the fact is that the business develops in favorable conditions for itself. There are none in Europe.


Experts: New law on cryptocurrency mining does not bring significant changes

According to the deputy, Russia will not change its tactics. There is an understanding that digital transformation is today’s problem, but it cannot be solved without strengthening the legislation and protecting our own market. The Russian national currency is the ruble, which is the only means of payment, and this is covered by the relevant laws. At the same time, domestic entrepreneurs are already working on parallel import plans and are looking for payment channels with foreign suppliers in digital currencies.

“And this maneuver worries the West a lot. On the one hand, because we remain exceptional financial patriots of our national currency. This is our stability and confident independence. “Unfriendly countries understand that de facto sanctions do not work and that it is impossible to strengthen them, to make them absolute,” he said.

Kolunov explains that today the Russian economy is on its way, and the adoption of the new law is only a logical continuation of state policy, the national program “Digital Economy”. From January 1, 2021, the circulation of new financial instruments in the Russian Federation is regulated by the Federal Law of July 31, 2020 No. 259-FZ “Digital Financial Assets, Digital Currency”. The need for such a law is long overdue. To protect our citizens’ funds from all kinds of fraud, at least through legal mechanisms.

Tax lawyer, head of the Law Enforcement Center in Moscow and the Moscow Region, member of the General Business Council of Russia Alexander Khaminsky He also commented on the bill. According to him, it contains many shortcomings and leaves some important questions open in the field of digital economy.


Experts: New law on cryptocurrency mining does not bring significant changes

Khaminsky said he led a working group on economic crime at the Moscow Police Headquarters in 2018. And in Moscow City alone, the organization identified 22 companies that, under the guise of providing financial services, including in the sphere of cryptocurrency circulation, withdraw money from the population and confiscate it.

“The 2020 law aimed to streamline new relationships in the financial sector. The legislator implied that when adopted, the norms would be added on the basis of objective economic facts. The proposed bill should provide for the legal regulation of issues related to cryptocurrency mining. Unfortunately, the text of the draft is full of references to statutes that will need to be adopted in the future. At the same time, there is no list of basic requirements that such actions must meet. It is understood that government regulations will become an independent source of law in the field of production and subsequent circulation of cryptocurrency. For unknown reasons, the Central Bank, which is essentially a super-regulator in the field of financial affairs, is not even mentioned in the bill, ”says the lawyer.

Khaminsky believes three main points should be made clear when adopting a new regulation in the field of digital financial instruments. First, control over the circulation of digital assets is needed to prevent prohibited activities in Russia, including extremism and terrorist financing. Secondly, problems with taxation of income generated as a result of the production of digital currencies must be resolved. Third, it is necessary to ensure that the rights of consumers of financial services, especially citizens, are protected. The expert believes that the proposed bill does not directly solve any of the listed tasks.

The only direct ban spelled out in the bill is the ban on advertising services related to cryptocurrency mining. At the same time, the criteria to be complied with when distinguishing between advertising and user information are not specified. Additional uncertainty is introduced by the rules on the procedure for withdrawing cryptocurrencies. Because, on the one hand, it is stated that it is mandatory to do this through foreign financial institutions, on the other hand, the text below mentions the possibility of taking these actions through Russian institutions that will be equipped with appropriate powers in the future. powers, the lawyer explains.

Khaminsky sums it up: The new bill raises more questions than it answers. It is hoped that government decrees will bring the necessary legal clarity.

Earlier, FAN talked about how to keep your savings in the face of inflation.

Source: Riafan

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