The Ministry of Digital Development clarified that it supports and shares the position on the need to respond to the risks associated with the use of cryptocurrencies to finance illegal activities and the formation of financial pyramids, as well as the risks associated with fraud in this area.
According to the agency, the industry of blockchain solutions used to issue and circulate cryptocurrencies is one of the fastest-growing in the software industry.
The Ministry of Digital Development believes that many successful international projects in the field of cryptocurrency have roots, and the possibilities of the blockchain technology itself are much wider, for example, the transition to smart contracts and much more.
“The introduction of any restrictions on the issuance and circulation of cryptocurrencies will lead to the fact that the industry of blockchain solutions within the country will cease to develop. Any regulatory restriction in this area will lead to an outflow of specialized specialists to other countries. In conditions when the President and the Government have created serious conditions for the development of national software developers, the introduction of a ban on the circulation of cryptocurrencies does not fit into the general framework of the ongoing policy to support the industry,” said Maksut Shadayev, head of the Ministry of Digital Development
The Ministry of Digital Development invites the Central Bank, the Ministry of Finance, and other departments to form the necessary measures for state regulation of the market for the issuance and circulation of cryptocurrencies, ensuring its transparency and reducing existing risks for bona fide investors in cryptocurrencies.
On January 27, the Ministry of Finance of the Russian Federation presented the concept of rules for transactions with cryptocurrencies instead of their ban in the Russian Federation, which the Central Bank had previously insisted on.
The Central Bank considers that in the case of the implementation of those indicated by the Ministry of Finance in the Russian Federation, including the transfer of operations with cryptocurrencies to the banking infrastructure and the use of the Transparent Blockchain service to control and track operations with cryptocurrencies, a “parallel financial system” may appear. In addition, the proposed actions will only create the appearance of state regulation, which is completely unrealizable. The regulator pointed out that such an approach poses a threat to Russian citizens and the financial stability of the country as a whole Digital Development.
On January 22, Digital Development Telegram founder Pavel Durov commented proposals of the Central Bank of the Russian Federation, which involve a ban on cryptocurrencies and mining in the country. In his opinion, this will lead to an outflow of highly qualified specialists in the blockchain industry from Russia, destroy a number of sectors of the high-tech economy and stop the development of blockchain technologies.
Fitch analysts agree with Durov. In their opinion, the ban on cryptocurrencies in Russia, which is proposed by the Central Bank, will lead to a significant technological lag of Russian banks in the blockchain from foreign competitors. All innovations and investments in this industry that Russian IT companies have made will also be lost.