Russia’s business ombudsman Boris Titov offered Elvira Nabiullina, the chairwoman of the country’s central bank, to use Japan’s experience in cryptocurrency regulation.
Russian parliament plans to review a bill that legalizes cryptocurrencies this September. According to Elina Sidorenko, the head of the parliament’s working group of cryptocurrencies, the bill, however, does not include provisions as to tax regulation of virtual money.
Vadim Dengin, a member of the Russian parliament’s working group on cryptocurrencies, that the issue of regulating cryptocurrencies in Russia will be brought up for discussion during parliamentary hearings.
Russia’s deputy minister of finance Alexei Moiseev has stated that users who conduct cryptocurrency transactions have to be identified. According to RNS, the official also believes that cryptocurrencies could be classified as “other property” as described in the country’s civil code.
According to Alla Bakina, the head of the Central Bank’s department of national payments system, the regulator is working on applying financial technologies to create a national cryptocurrency and regulate other cryptocurrencies and exchange platforms.
Elvira Nabiullina, the head of Russia’s Central Bank, says the regulator is analyzing introduction of bitcoin regulation, however, it doesn’t want to hurry things since it sees a lot of inherent risks. Speaking at the St. Petersburg International Economic Forum, she told CNBC: “We’re analyzing now this possibility and I.
According to Olga Skorobogatova, the deputy chairwoman of the Central Bank of Russia, the Bank of Russia is going to consider bitcoin and other cryptocurrencies a digital commodity.
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.