The Finance Ministry said that the government will lead the process of circulation of cryptocurrency – tool for fraudsters and terrorists
The state “will head and regulate” the process of issuance and circulation of cryptocurrency. This decision was made following yesterday’s meeting on cryptocurrencies, the President of Russia Vladimir Putin, announced on Wednesday, October 11, the Minister of Finance Anton Siluanov. On the eve of Putin himself described the cryptocurrency as a tool of money laundering, tax evasion, financing of terrorism and the proliferation of fraudulent schemes.
“The President yesterday voiced the problems that are associated with cryptocurrency. It is the complexity of the regulation of the AML / CFT law, and various cases associated with the difficulties of identification. So agreed: that should the state regulate the process of emission of cryptocurrencies, the mining process, process appeals,” Siluanov was quoted by “Interfax”.
“The specific parameters will not speak. In General, we agreed that the state needs this situation to lead and regulate by law”, – he said.
According siluanova, it is necessary to develop and adopt the laws that regulate mining and handling cryptocurrency.
Yesterday, October 10, Putin held in Sochi meeting on the use of technology in the financial sector. The meeting was attended by Siluanov, presidential aide Andrei Belousov, the Chairman of the Central Bank Elvira Nabiullina and her Deputy, Olga Skorobogatova, and General Director of Qiwi Sergey Solonin.
Putin himself said that he had repeatedly discussed the topic of cryptocurrencies with Nabiullina, and transferred such risks as “the possibility of money laundering obtained by criminal means, tax evasion and funding terrorism and, of course, the distribution of fraud schemes, the victims of which can become ordinary citizens.”
About the law for cryptocurrency talked for a long time, but now there is no, write “Vedomosti”. In early September, on the Moscow financial forum Siluanov promised to prepare a law before the end of the year. Over regulation of the thinking of the Central Bank, and on this question the working group in the state Duma.
The Ministry of Finance has taken the initiative to regulate the cryptocurrency as other property and to classify it as an asset and to allow only qualified investors to buy and sell it on the exchange. The Agency proposed this approach to the regulation of cryptocurrencies to protect the rights of buyers and sellers.
Director of financial policy Department of the Ministry of Finance Jan Pureskina October 9 reported on the proposal of the Ministry to allow mining (the calculating of cryptocurrency on computers and video cards) only to legal entities and individual entrepreneurs and to give them the check.
The head of the Central Bank Elvira Nabiullina has repeatedly spoken out against the legalization of cryptocurrencies, calling them a pyramid scheme that could collapse at any moment.
On 10 October, the Central Bank jointly with the General Prosecutor’s office made in closing the access to external sites that offer customers to buy derivatives on cryptocurrencies.