According to Elina Sidorenko, the head of the Russian Central Bank’s working group on cryptocurrencies, products incorporating blockchain technology should be a part of the legal terrain, while the technology itself should remain beyond regulation.
The Russian parliament is preparing a bill that, if passed, may legalize e-cash and establish legal grounds to open regulated cryptocurrency exchanges, according to Elina Sidorenko, the head of the the Russian Central Bank’s working group on cryptocurrencies.
No specific European Union rules are needed to regulate blockchain for the time being given the sector’s still limited reach, the bloc’s securities watchdog said on Tuesday.
Bitcoin currently poses no risk to the Russian financial system, the country’s deputy finance minister Alexei Moiseev said.
News on yet another promising project raising funds or breaking another crowdfunding record strike the cryptocommunity more and more often. Still, the question remains whether the fundraising itself can guarantee a project’s success, and whether the team behind the project is liable to repay the investors if the whole affair.
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.
On November 29th, a letter from Russia’s Federal Tax Service No. ОA-18-17/1027 d.d. 10.03.2016 was added to the local legal reference system Consultant Plus. The letter in question covers the official stance of the authorities on cryptocurrencies in Russia.
Moscow hosted Blockchain & Bitcoin Conference Russia on November 10, one of the biggest industry events in Eastern Europe.