This article is from 1prime.ru and the original article can he read here
MOSCOW, April 6 – PRIME. Citizens’ investments in cryptocurrencies can lead to a reduction in the ability of the Russian financial sector to finance the real sector and reduce the potential for economic growth, which can subsequently create problems in the labor market and reduce citizens’ incomes, according to the response of the First Deputy Chairman of the Central Bank Ksenia Yudaeva to the proposals of the State Duma deputy from the United Russia” by Anton Gorelkin.
The Ministry of Industry and Trade made a proposal for cryptocurrency mining
“Citizens’ investments in cryptocurrencies can lead to the withdrawal of savings from the real economy, the stock market, the banking system beyond the perimeter of the Russian financial sector and, as a result, to a reduction in its ability to finance the real sector, primarily sanctions companies, and reduce the growth potential of the economy, which can subsequently create problems in the labor market and reduce the income of citizens,” the document at the disposal of RIA Novosti says.
The Central Bank gave such an answer to a number of points of a package of proposals for regulating the cryptocurrency market in the Russian Federation, compiled by Gorelkin following the results of the March round table, of which he was the moderator, at the EP site. In particular, the participants of the round table propose to provide tax incentives and government support measures to infrastructure projects and hardware and software manufacturers, to ensure the possibility of free conversion of cryptocurrencies into rubles, and to introduce a preferential taxation regime for cryptocurrencies.
However, as specified in the answer to the deputy, the Bank of Russia does not support the admission of private digital currencies to the financial market of the Russian Federation and their use as a means of payment, since this can lead to “the formation of a number of significant risks for the welfare of citizens, the stability of the financial system and the economic security of the country” .
The Central Bank opened a public discussion on the regulation of the crypto market in Russia – in January, the regulator published a report in which it proposed to legally ban the circulation and mining of cryptocurrencies in the country, while not completely limiting their ownership.
Then the Ministry of Finance opposed this approach and proposed to legalize the market. In early February, the Cabinet of Ministers approved the relevant concept and instructed to develop a bill. Then, on February 18, the ministry submitted to the government a bill on the regulation of cryptocurrencies, which, in particular, proposes to maintain the ban on their use as a means of payment in Russia, introduce the identification and online testing of investors in such assets, and consolidate the definition of digital mining.
At the same time, the Central Bank did not give in and prepared its own package of bills, in which it again called for a ban on the issuance and circulation of cryptocurrency in the country.
The use of cryptocurrencies as a means of payment is inevitable in the event of their mass acquisition by citizens, which may lead to the replacement of the ruble, according to the response of the First Deputy Chairman of the Central Bank Ksenia Yudaeva to the proposals of the State Duma deputy from United Russia Anton Gorelkin.
“In the event of a massive acquisition of cryptocurrencies by citizens, their use as a means of payment seems inevitable. In this case, the ruble as the monetary unit of the Russian Federation will be replaced by cryptocurrencies (cryptoization of monetary circulation), the shadow economy will expand, and tax revenues will decrease,” the document said. at the disposal of RIA Novosti.
Own investments of banks, the regulator notes, and other financial organizations in cryptocurrencies will lead to a multiple increase in their market risks, a fall in the exchange rate of cryptocurrencies or the implementation of fraudulent schemes using them will create a real threat to creditors and depositors.
“At the same time, the integration of cryptocurrencies into the financial system will lead to the creation of a parallel financial system that does not obey the rules that apply to financial organizations in the Russian Federation,” the Central Bank said in a response to the deputy.
“All this will reduce the stability of the financial sector and will require additional capitalization of banks in the event that risks materialize,” the document says.
The Central Bank gave such an answer to a number of points of a package of proposals for regulating the cryptocurrency market in the Russian Federation, compiled by Gorelkin following the results of the March round table, of which he was the moderator, at the site of the United Russia party.
In particular, the participants of the round table propose to provide tax incentives and government support measures to infrastructure projects and hardware and software manufacturers, to ensure the possibility of free conversion of cryptocurrencies into rubles, and to introduce a preferential taxation regime for cryptocurrencies.
However, as specified in the answer to the parliamentarian, the Bank of Russia does not support the admission of private digital currencies to the financial market of the Russian Federation and their use as a means of payment, since this can lead to “the formation of a number of significant risks for the welfare of citizens, the stability of the financial system and the economic security of the country” .
The Central Bank opened a public discussion on the regulation of the crypto market in Russia – in January, the regulator published a report in which it proposed to legally ban the circulation and mining of cryptocurrencies in the country, while not completely limiting their ownership.
Then the Ministry of Finance opposed this approach and proposed to legalize the market. In early February, the Cabinet of Ministers approved the relevant concept and instructed to develop a bill. Then, on February 18, the ministry submitted to the government a bill on the regulation of cryptocurrencies, which, in particular, proposes to maintain the ban on their use as a means of payment in Russia, introduce the identification and online testing of investors in such assets, and consolidate the definition of digital mining.
At the same time, the Central Bank did not give in and prepared its own package of bills, in which it again called for a ban on the issuance and circulation of cryptocurrency in the country.