Home News Russian high-ranking officials oppose the idea of legalizing tokens in Russia

Russian high-ranking officials oppose the idea of legalizing tokens in Russia

Dmitry Peskov, special representative on digital and technological development to Vladimir Putin, stated that the time for legalizing the issuance and circulation of tokens in Russia is yet to come.

Dmitry Peskov reminded that the government is now working on the regulatory framework in the sphere of cryptocurrency:

“We did not nip blockchain and cryptocurrency in the bud and are trying to introduce them to the legal framework. But the state should warn everyone that the probability that we get to MMM 2.0 is maximum.”

Peskov also characterised the attitude towards cryptocurrencies shown by the Bank of Russia as quite permissive:

“The central bank has, in my opinion, adopted the most liberal position in the sphere of regulating cryptocurrencies, but the level of threat is so great that this position could be more rigid.”

The official believes that the most perspective and sustainable approach is to create regulatory sandboxes instead of rushing for the global leadership in the sphere of blockchain and cryptocurrencies, as this would allow the country to learn from others’ mistakes:

“The issuance and circulation of cryptocurrencies cannot yet be permitted. This would be contrary to the basic function of the State. Consistency is the most important thing here. First and foremost, we are to adopt the general law on cybercurrency operations. Only then the issues of their everyday implementation will be appropriate for discussion – not the other way around.”

Last week, while talking to IMF chief Christine Lagarde, the Head of the Bank of Russia Elvira Nabiullina, who has been constantly opposing the idea of recognizing cryptocurrencies in Russia, noted that cryptocurrencies do more harm than good:

“I see more harm than good in cryptocurrency. It is unsafe and can be used for money laundering purposes.”

Quite to the contrary, Christine Lagarde herself has recently admitted that the global economy “is not in the best of places right now” and mentioned cryptocurrencies as one of the possible cures to the global financial system.

According to the statements made by Russian legislators, the adoption of the draft laws “On digital financial assets” and “On crowdfunding” is to take place this autumn.