Bank of Russia is committed to the introduction of liability for the illegal use of digital assets - regulation

Von Krypto News Österreich

Bank of Russia is committed to the introduction of liability for the illegal use of digital assets

The Moscow currency authority, the Bank of Russia, wants those who use cryptocurrencies to be held accountable. The financial supervisory authority has proposed the introduction of statutory liability for some operations with digital assets that it considers it illegal.

The Russian central bank wants to prevent the circulation of decentralized currencies

cryptocurrencies in the Russian Federation and the associated activities remain only partially regulated, mainly through the law "about digital financial investments", which came into force at the beginning of this year. Among other things, it is unclear whether goods and services can be paid for with digital coins.

The central bank of Russia ( cbr ) has remained consistent , on the other hand to enable payments with bitcoin and the like. The authority claims that all of them are "

Bank of Digital assets

The CBR now wants to introduce legal liability for the “illegal traffic of digital financial investments” from its point of view. Remarkably, the thrust is part of their plans for the "creation of a beneficial environment for the introduction of new technologies and the support of innovations on the financial market" - two of the bank's most important "strategic directions" under the motto "Promotion of digitization". ”

The proposal found its place in the program of the Bank of Russia document Financial markets of the Russian Federation ”for the period until 2024. The project was recently approved by the Board of Directors to submit to the State Duma, the Lower House of the Federal Assembly.

In order to develop innovative financial instruments, according to CBR, a number of federal laws must be adopted that aim at a comprehensive legal regulation for digital financial systems and utilitarian digital rights. Another aspect that must be addressed according to the central bank is the taxation of transactions with these rights and assets for which a procedure should be set.

The Bank of Russia also finds that the efforts to introduce a digital version of the state currency are underway. The monetary authority emphasizes that the introduction of the third form of the ruble according to cash and bank money requires a number of changes in the law. At the beginning of November, the chairman of the parliamentary financial market committee, Anatoly Aksakov, Prepare to change 13 Russian laws and codes to change the cbdc .

Meanwhile, members of the house have expressed concerns that the digital rubles may have to the banking sector and information security. At the same time, the chairwoman of the Bank of Russia, Elvira Nabiullina, recently that specified The new currency is what the Russians need because it offers them an alternative to cryptocurrencies and stable coins and at the same time enables cheap and reliable payments.

The CBR started in 2018 with the consideration of a CBDC and decided to examine the possibility of an emission of a CBDC last year. A consultation paper was published in October 2020 and in April 2021 the authority published a digital ruble concept. In June of this year, the authority formed a pilot group with over a dozen banks. It is planned to complete the platform's prototype in December and to start testing in January 2022.

Do you believe that the Bank of Russia will convince the legislator to introduce legal liability for the illegal use of cryptocurrencies? Let us know in the comment area below.

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