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According to the publication, the Russian Ministry of Finance proposed to discuss a new version of Article 14 of the law “On Digital Financial Assets,” which regulates the circulation of digital currency. An amendment prepared by the Finance Ministry introduces a clause in the bill according to which the organization of circulation of cryptocurrencies in the country will be prohibited, except for the activities of mining companies wishing to sell mined assets.<br
“The organization of circulation of digital currency is prohibited in the Russian Federation, except for the organization of circulation of digital currency in a mining environment (including participation in a mining pool),” says the amendment prepared by the agency.
In the interpretation of the financial department, the organization of circulation of digital currency in the Russian Federation is understood as an activity to provide services aimed at ensuring the execution of civil transactions or transactions involving the transfer of digital currency from one holder to another, using the Russian information infrastructure, through Russian exchanges, exchanges or cryptomats.
However, two law enforcement agencies, the Investigative Committee (IC) and the Federal Security Service (FSB), criticized the Ministry of Finance, arguing that this version of the amendment could be interpreted as a complete ban on the organization of any digital currency circulation activities. For example, the application of the wording proposed by the Ministry of Finance could cause confusion among industry participants and regulators between the “prohibition to organize circulation” and the “prohibition on circulation,” which, in turn, would lead to legal uncertainty.
“The definition of the organization of circulation of digital currency in the Russian Federation should exhaustively disclose all features of this process and requires additional discussion,” the Federal Security Service said in response to the proposal of the Ministry of Finance.
In addition, law enforcement agencies believe that in the long term, a ban on the circulation of cryptocurrencies could increase the share of the shadow economy, provoke an increase in crime and fraud, as well as destabilize economic relations.
Recall that in May, the head of the Financial Policy Department of the Russian Ministry of Finance Ivan Chebeskov recommended Russians with an average income and below not to consider cryptocurrencies as a means of savings.<br