Aksakov called Bitcoin a threat to the financial system

The head of the State Duma Committee on the Financial Market spoke about the government’s plans for the legalization of cryptocurrenciesand explained how the adoption of the law "On CFA" will help business.

Recognition of cryptocurrency as a paymentfunds on a par with the ruble will lead to the destruction of the financial system, said Anatoly Aksakov, head of the State Duma committee on the financial market, in an interview with RT. For this reason, the government does not yet plan to legalize digital money as a unit of account, but they can be used for these purposes in other countries.

“Cryptocurrency is a digital code that canbe used as a method of payment for goods in world practice, but not in Russia. Recognition of digital coins as an official means of payment on a par with the ruble means the destruction of the financial system, which ensures the stable functioning of the entire economy. Therefore, our plans do not yet include the legalization of cryptocurrencies as a payment alternative to the ruble,” Aksakov explained.

He added that the adoption of the law “on digitalfinancial assets "introduced" clear rules of the game "in this area. Thanks to this, market participants will be able to work more actively with the new instrument and get more opportunities for its promotion in the international arena. In addition to this, the blockchain can be used as a tool against economic sanctions.

foreign partners, as well as sell their goods on the blockchain. At the same time, the blockchain technology, due to its technical features, makes it possible to bypass the sanctions restrictions, which contributes to the development of trade ties, "the deputy said.

On July 31, Russian President Vladimir Putin signedlaw "On digital financial assets". The document defines bitcoin and other cryptocurrencies and prohibits their use in the country as a means of payment. The new rules will come into force on January 1, 2021.

The law "On CFA" was adopted by the State Duma in the thirdreading July 22. According to the document, it will be possible to legally make various transactions with cryptocurrency. Also in the law there is a reference to separate documents that will regulate mining, the organization of the issue and circulation of digital currency.

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