The Central Bank of Russia has developed bills to ban the organization of the issuance and circulation of private digital currency. According to the documents, violation of these requirements threatens with a fine of up to 1 million rubles.
According to RIA Novosti, fines for organizing the issuance of cryptocurrencies for individuals will be up to 500 thousand rubles, for legal entities – up to 1 million rubles. The bill was submitted to the Ministry of Finance of the Russian Federation.
“Failure to comply with the ban on the functioning in the Russian Federation of legal entities or the ban on the activities of individuals that contribute (facilitate) the organization of the issue and (or) the issue, the organization of the circulation of private digital currency on the territory of the Russian Federation and outside the territory of the Russian Federation, entails the imposition of an administrative fine for citizens and officials from 300 thousand to 500 thousand rubles; for legal entities from 700,000 to 1 million rubles,” reads the document distributed on February 18.
Fines for accepting payments in private digital currency will amount to 30,000 to 50,000 rubles for citizens and officials, and from 700,000 to 1 million rubles for legal entities.
On the eve of the president of the Association of Russian Banks, Garegin Tosunyan, told Izvestia that credit organizations will be able to regulate the circulation of digital currencies, there will be no technical problems with this. At the same time, the exchange can determine quotes, supply and demand. Banks can compensate for the costs of launching a new system with the help of commissions for cryptocurrency owners. It will take several months to create such a mechanism, Tosunyan believes.
In January, the Bank of Russia released a report “Cryptocurrencies: Trends, Risks, Measures”, which stated that such currencies have the characteristics of a financial pyramid and their spread poses significant threats to the well-being of Russian citizens.
The position of the regulator was not supported by departments, including the Ministry of Finance, Rosfinmonitoring and the Ministry of Digital Development. As a result, the government approved a 15-point roadmap to regulate the industry by the end of 2022.
Deputy Finance Minister Alexei Moiseev told reporters on February 14 about the need to create “clear and transparent rules for the participation of citizens and businesses in the financial instruments of the crypto market.” According to him, a ban on such currencies and mining would slow down the development of new technologies and services, would lead to an outflow of highly qualified specialists abroad and a shortfall in tax revenues.
The government sided with the Ministry of Finance in a dispute with the Central Bank about the need to regulate cryptocurrencies and approved the concept of the ministry in early February. The department, together with the Central Bank, was instructed to submit the relevant bill to the Cabinet by February 18.
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
