Anatoly Aksakov: “The authorities are interested in banning the circulation of cryptocurrency in Russia”

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One of the authors of the bill on mining said that the circulation of cryptocurrency will be completely prohibited in Russia. The law is due to come into force in February 2023.

Chairman of the State Duma Committee on FinanceTo the market, Anatoly Aksakov confirmed the authorities’ intention to completely ban the circulation of cryptocurrencies assets in Russia and introduce liability for the use of cryptocurrency as a means of payment in Russian jurisdiction.

“We are not just interested in limiting the circulation of cryptocurrency in the country, this will be prohibited by law,” Aksakov emphasized in an interview.

The deputy explained that the bill on mining,which was submitted to the State Duma on November 17 and was developed taking into account the positions of the Ministry of Finance and the Central Bank. The document establishes a complete ban on the circulation of crypto-assets, advertising of cryptocurrency and its offer in any form to an unlimited number of persons, as well as payment with crypto-currencies for goods, works and services related to its release and circulation.

According to the bill, there are no restrictionsapplies to crypto assets obtained as a result of mining. The mined digital currency “is subject to sale without the use of Russian information infrastructure,” with the exception of transactions within the framework of the experimental legal regime. When selling cryptocurrency on foreign platforms, the provisions of the law on currency control and regulation do not apply to this activity.

If the bill is passed, miners will be able tofrom January 1, 2023, sell mined digital currency in two ways. The first is through foreign systems without complying with the law on currency regulation. The second way is through a special platform that will be created in Russia as part of an experimental legal regime. In both cases, the transactions will need to be notified to the Federal Tax Service.

Anatoly Aksakov promised that he will appear soonanother bill that will describe these “experimental legal regimes.” As an example, the deputy mentioned the possibility of paying with cryptocurrency for the supply of imported goods.

Crypto industry experts believe that the amendmentsthe law on digital assets and the legalization of mining as a business can only be welcomed. However, it raises serious concerns that at the same time new bans and restrictions are being introduced.