The bill that was expected on Feb. 18 is getting delayed.
on the rules of cryptocurrency issuance and transactions. While a welcome development, it is less than the country’s crypto space had expected to get. Earlier in the week, the government announced that by Feb. 18, a bill containing the finance ministry and central bank’s consolidated position on crypto regulation would be drafted. Updated estimates suggest that it will take at least another month for draft legislation to see the light.
On Jan. 25, Ivan Chebeskov, head of the Finance Ministry’s Department of Financial Policy, stated that the ministry’s position on digital assets isRound 2: Finance Ministry’s proposed framework “A total lack of regulation, as well as a ban, would lead to the growth of a dark economy, fraud, and the overall destabilization of the sector. [...] Proposed legislative changes are aimed at creating a legal market for cryptocurrencies with circulation rules in place and the range of participants defined, along with the requirements that they are subject to.”
Nabiullina also sent a letter to Finance Minister Anton Siluanov in which she reiterated her “crypto is a Ponzi scheme” concerns. She maintained that institutional support of crypto circulation would create “an illusion of state protection” among investors, who would seek help from the government should the crypto market collapse. Basically, the letter repeats the arguments and propositions of the CBR’s January report.
SICP applied to participate in the work on legislative initiatives around crypto last year, but Podobnykh said that the company didn’t get a response from the CBR. He believes that the central bank’s conservative attitude toward crypto stems from its mission to launch a digital ruble.
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