Dmitry Medvedev: tokens need to be regulated at the legislative level

Russian Prime Minister Dmitry Medvedev advocates reasonable and careful regulation of cryptocurrency incountry.

At a meeting with the chairman of the boardRosgeology Society Sergey Gorkov Medvedev noted that regulation of the cryptocurrency market is becoming an international practice. According to him, Russia should also "keep up with the times." At the same time, the state should carefully consider the use of digital currencies and their impact on the country's financial system. According to Medvedev, the regulated use of tokens will provide an opportunity to attract new investments in various economic sectors of the country.

The chairman of Rosgeology supported thisinitiative, noting that cryptocurrency regulation in the country will provide an opportunity to tokenize assets and use digital currencies for many enterprises. This, in turn, will allow the introduction of the latest technologies and increase investment attractiveness, including in the field of exploration.

Meanwhile, the issue of legalization of cryptocurrency inRussia remains unresolved for several years. The Prime Minister has already instructed the Ministry of Finance and the State Duma to adopt the law “On digital financial assets” by November 1, 2019. However, the departments were unable to coordinate their positions and adopt the law by the specified deadline. 

Central Bank actively opposed legalizationcryptocurrency operations in the country, but at the end of December last year announced the testing of stablecoin in the “regulatory sandbox” and considering the possibility of issuing a digital ruble.