Experts allowed an outflow of bitcoin investors due to the prohibitions of the Central Bank of the Russian Federation

Cryptocurrency investors will be forced to leave Russia if the bills of the Central Bank mentioned in the media on the ban on the circulation of cryptocurrencies and penalties for its violation are approved. This was stated by Cryplogger interviewed experts.

The main thing that confused lawyers in the information disseminated by the media is the Bank of Russia does not have the right of legislative initiative.

“The Central Bank does not develop bills, the State Duma does it. The Central Bank can only offer its opinion, which the deputies have the right not to accept,” explained Andrey Tugarin, managing partner of GMT Legal.

At the current moment in the Russian Federation, at the legislative level, there is no division of digital currencies into categories, including “private” ones.

“What exactly falls under the category of private digital currencies, according to the Central Bank, is very difficult to say, and so far it looks like an inaccurate expression of opinion on the part of the regulator,” Tugarin said.

The initiative of the central bank, presumably, may be related to the desire to protect the upcoming digital ruble.

“But by its nature, the digital ruble has nothing to do with the crypt and should be regulated separately,” the lawyer emphasized.

Andrey Tugarin recalled that the possibility of organizing the issuance and circulation of digital currencies is spelled out in the law “On Digital Financial Assets”.

The CEO of Indefibank Sergey Mendeleev also called the Central Bank’s wording unclear.

“It remains to understand what is meant by “private digital currencies”. If we are talking about the so-called shitcoins like Phoenician digitons, then we can only support the Central Bank. And if quite respectable tokens of projects and startups get here, well, we will trade them outside the framework of Russian jurisdiction. I still don’t know where I can buy tokens in Moscow COMP for cash. It will also be very funny to read what “issuing a crypt on the territory” is, ”he said in a comment to Cryplogger.

The architect and creator of the Robonomics project Sergey Lonshakov emphasized that everything depends on how completely the rules prescribed by the Central Bank will be applied.

“If participation in the development of a protocol that uses its own token is considered as participation in the release, then all smart blockchain developers who work in dozens of international projects will run away from the Russian Federation. And the fact that it is impossible, for example, to create tokens on behalf of a Russian legal entity, is okay, ”he said.

The Central Bank is not going to deviate from the idea of ​​a complete ban on cryptocurrencies, says Moscow Digital School expert Efim Kazantsev. And since the regulator failed to “ban everything at once”, he will try to cut off the sectors until any cryptocurrency is banned in any constituent entity of the Russian Federation.

“This initiative is disastrous for the Russian cryptosphere. If we want to create conditions for the development of cryptocurrency projects, such bills cannot be missed,” the expert is convinced.

Experts also point to the confrontation between the Central Bank and the Ministry of Finance on the issue of regulating cryptocurrencies – the ministry is in favor of regulating the industry. The head of the department, Anton Siluanov, compared the idea of ​​banning crypto assets with banning the Internet and said that this was impossible.

“Most of the financial and economic block is already openly making it clear that the ban on crypto in Russia is not beneficial to anyone, but, on the contrary, deprives the country of both prestige and budget revenues. And only with Neglinnaya calls are heard over and over again: “Forbid!”, “We won’t allow!”, “Threat to financial stability” and other horror stories,” said Mikhail Bystrov, partner, head of the FinTech & Crypto practice at DRC law firm.

In his opinion, the maximum that the Central Bank can achieve is a ban on the use of cryptocurrencies as an official means of payment in the Russian Federation. On this issue, the Ministry of Finance is in solidarity with the regulator.

Representatives of the Binance cryptocurrency exchange, which on February 18 entered the expert council at the Association of Banks of the Russian Federation, said that it is the regulation of the market, and not the ban, that will create mechanisms to protect the rights of individuals and legal entities.

“The ban on the dissemination of information about cryptocurrencies and their release in Russia, as well as the ban on ownership, completely contradicts the interests of citizens and businesses. We support the concept approved by the government of the Russian Federation and the position of the Ministry of Finance on regulating the crypto market. The ban will only contribute to the development of the shadow market,” Binance emphasized.

Recall that a number of media outlets, citing their own sources, reported on the preparation of the Central Bank of the Russian Federation of two bills to ban the circulation of “private digital currencies” in the country and fines up to 1 million rubles for non-compliance with it.

The regulator also proposes to make advertising of cryptocurrencies illegal.

Cryptocurrency investors will be forced to leave Russia if the bills of the Central Bank mentioned in the media on the ban on the circulation of cryptocurrencies and penalties for its violation are approved. This was stated by Cryplogger interviewed experts.

The main thing that confused lawyers in the information disseminated by the media is the Bank of Russia does not have the right of legislative initiative.

“The Central Bank does not develop bills, the State Duma does it. The Central Bank can only offer its opinion, which the deputies have the right not to accept,” explained Andrey Tugarin, managing partner of GMT Legal.

At the current moment in the Russian Federation, at the legislative level, there is no division of digital currencies into categories, including “private” ones.

“What exactly falls under the category of private digital currencies, according to the Central Bank, is very difficult to say, and so far it looks like an inaccurate expression of opinion on the part of the regulator,” Tugarin said.

The initiative of the central bank, presumably, may be related to the desire to protect the upcoming digital ruble.

“But by its nature, the digital ruble has nothing to do with the crypt and should be regulated separately,” the lawyer emphasized.

Andrey Tugarin recalled that the possibility of organizing the issuance and circulation of digital currencies is spelled out in the law “On Digital Financial Assets”.

The CEO of Indefibank Sergey Mendeleev also called the Central Bank’s wording unclear.

“It remains to understand what is meant by “private digital currencies”. If we are talking about the so-called shitcoins like Phoenician digitons, then we can only support the Central Bank. And if quite respectable tokens of projects and startups get here, well, we will trade them outside the framework of Russian jurisdiction. I still don’t know where I can buy tokens in Moscow COMP for cash. It will also be very funny to read what “issuing a crypt on the territory” is, ”he said in a comment to Cryplogger.

The architect and creator of the Robonomics project Sergey Lonshakov emphasized that everything depends on how completely the rules prescribed by the Central Bank will be applied.

“If participation in the development of a protocol that uses its own token is considered as participation in the release, then all smart blockchain developers who work in dozens of international projects will run away from the Russian Federation. And the fact that it is impossible, for example, to create tokens on behalf of a Russian legal entity, is okay, ”he said.

The Central Bank is not going to deviate from the idea of ​​a complete ban on cryptocurrencies, says Moscow Digital School expert Efim Kazantsev. And since the regulator failed to “ban everything at once”, he will try to cut off the sectors until any cryptocurrency is banned in any constituent entity of the Russian Federation.

“This initiative is disastrous for the Russian cryptosphere. If we want to create conditions for the development of cryptocurrency projects, such bills cannot be missed,” the expert is convinced.

Experts also point to the confrontation between the Central Bank and the Ministry of Finance on the issue of regulating cryptocurrencies – the ministry is in favor of regulating the industry. The head of the department, Anton Siluanov, compared the idea of ​​banning crypto assets with banning the Internet and said that this was impossible.

“Most of the financial and economic block is already openly making it clear that the ban on crypto in Russia is not beneficial to anyone, but, on the contrary, deprives the country of both prestige and budget revenues. And only with Neglinnaya calls are heard over and over again: “Forbid!”, “We won’t allow!”, “Threat to financial stability” and other horror stories,” said Mikhail Bystrov, partner, head of the FinTech & Crypto practice at DRC law firm.

In his opinion, the maximum that the Central Bank can achieve is a ban on the use of cryptocurrencies as an official means of payment in the Russian Federation. On this issue, the Ministry of Finance is in solidarity with the regulator.

Representatives of the Binance cryptocurrency exchange, which on February 18 entered the expert council at the Association of Banks of the Russian Federation, said that it is the regulation of the market, and not the ban, that will create mechanisms to protect the rights of individuals and legal entities.

“The ban on the dissemination of information about cryptocurrencies and their release in Russia, as well as the ban on ownership, completely contradicts the interests of citizens and businesses. We support the concept approved by the government of the Russian Federation and the position of the Ministry of Finance on regulating the crypto market. The ban will only contribute to the development of the shadow market,” Binance emphasized.

Recall that a number of media outlets, citing their own sources, reported on the preparation of the Central Bank of the Russian Federation of two bills to ban the circulation of “private digital currencies” in the country and fines up to 1 million rubles for non-compliance with it.

The regulator also proposes to make advertising of cryptocurrencies illegal.