September 27, 2020

The official exchange rate of bitcoin to the ruble and the legalization of cryptocurrencies in the Russian Federation

The official exchange rate of bitcoin to the ruble and the legalization of cryptocurrencies in the Russian Federation

Deputy Chairman of the State Duma Committee on the financial market Yuri Oleinikov said that It is possible to wait for the legitimization of cryptocurrencies in the Russian Federation only after the creation of international legal mechanisms.

The deputy expressed this opinion, commenting on the newsthat the Russian Association of Cryptocurrencies and Blockchain (RACIB) and the Commission for Legal Support of the Digital Economy of the Moscow branch of the Association of Lawyers of Russia (MO AYUR) have developed a mechanism for determining the official value of cryptocurrencies.

The essence of the mechanism is to ensure that duringdays every 30 seconds to request a bitcoin exchange rate from several cryptocurrency exchanges. After that, all the data obtained is carefully analyzed and at 23:59:40 Moscow time, an average value is formed, from which the cross rate to the dollar and the ruble is already calculated. Such a procedure should be carried out every day.

First of all, this will beBitcoin value is determined, but not only: the cryptocurrency rate, which is traded in conjunction with it, will also be calculated. The creators of the system emphasize that their development will make it possible to clarify the situation in the market of electronic currencies, since today the cost of the same types of digital money can vary on different exchanges.

According to the developers of the new assessment systemvalue of cryptocurrencies, it will be in demand, and the peak of its popularity will come when cryptocurrency in Russia begins to be used in commercial and institutional calculations. However, as noted by Yuri Oleinikov, this will not happen soon, because this requires the adoption of a law on digital financial assets.

The deputy chairman of the State Duma Committee on the financial market said:

“All these conversations are not yet based onno background, since officially neither Bitcoin nor any other cryptocurrencies are legalized with us. They are not prohibited, but they simply do not exist in the legal field. At the same time, many people think about the law, including in the Duma, but the whole situation with it is now in limbo - there are a lot of difficulties. ”

According to him, precisely for this reason, the joint development of the RACIB and the Bar Association will not be able to find official application.

At the same time, lawyers say that now in the Russian Federationthe number of citizens interested in the possibility of legal use of cryptocurrencies is growing. So, according to Mikhail Uspensky, deputy chairman of the digital economy legal support committee of the MOA of the Autonomous Republic of South Ossetia, he is often asked to help him calculate the cryptocurrency market rate for paying income tax, and there are more and more such precedents.

Oleinikov believes that only in cooperation with the world community should Russia regulate cryptocurrencies.

“For some reason, everyone forgets that operations withcryptocurrencies can be used to launder income or other illegal financial fraud. This is a very complex system that allows, literally, money to appear out of nowhere. All this requires the most serious checks, including at the international level. ”- the deputy noted.

“Of course, ignoring this industry is unreasonable,as it takes on ever larger dimensions. But you need to at least learn how to distinguish the whole world from more or less reliable currencies from regular bubbles that will not burst today or tomorrow, swallowing holders' money. This is precisely the task of both the Russian and the global financial sector. And while no clear criteria for reliability have been established, talking about legalization makes no sense ”- concluded the deputy.