Russia Lacks Legal Terrain for Cryptocurrency Regulation Says Technology Advocate

Elina Sidorenko, head of Russian State Duma (Parliament) working group on assessment of cryptocurrency risks, admits there’s not much to say about legalization of cryptocurrencies die to the legal vacuum.

Elina Sidorenko was interviewed by @serejandmyself on social network Golos. ForkLog picked several most interesting points from that conversation.

“Our group was created at the start of the year with the main purpose of studying cryptocurrencies and blockchain technology that underlies them. On the basis of those assessments, we had to develop a perspective for further development. However, we still can’t talk about total legalization and use of cryptocurrency,” she said.

Elina Sidorenko believes the legal vacuum in regard to cryptocurrencies is the reason for that. Besides, there’s no precise data on the numbers of people using them, or companies and their employees involved in the industry. The group’s task is to introduce the process in the legal terrain considering such aspects as rights, obligations, and liability for failure to comply with the obligations.

Sidorenko has also announced a meeting of the working group which is to take place on December 15th. The group will discuss several issues including cryptocurrency and miners status, minimization of related risks, the Central Bank’s functionality, licensing of operations, and requirements for exchange platforms.

Following the meeting’s results, the group plans to develop amendments to the existing strategies of industry regulation, as well as ways of development of particular ministries.

Elina Sidorenko insists the working group also sees importance of focusing blockchain technology development.

“For us, blockchain is the most powerful technology that has a serious position in fintech, digital economy and digitalization as well. We see perspectives for law development in regard to blockchain not only when it comes to cryptocurrencies, but in registry technology as well,” she stated.

Sidorenko added that blockchain development in legal terrain requires better understanding of processes of data verification and certification of persons and companies involved in entrepreneurship in this area.

She was most positive about decentralized mass media.

“I believe you [Golos – ForkLog] are going the right way. By implementing such a model, you help informing people about what blockchain is. Moreover, today many people just can’t understand ‘where the internet ends and where the blockchain starts.’ They don’t understand the whole blockchain technology thing. Your work gives them an opportunity to learn more about the technology; additionally, you allow economists and lawyers determine the object field for regulation and legalization of the activity. I think your platform could be perfect for development and unification of the related expert community in blockchain,” Elina Sidorenko said.

At the Blockchain & Bitcoin Conference Russia held last month in Moscow Elina Sidorenko spoke about two main concepts for legislation development in regard to cryptocurrencies.