Russia is not yet ready for the issuance and circulation of crypto-currencies. This is according to a special representative of the Russian president. This was reported by a local news agency known as RIA Monday Yesterday. Dmitry Peskov, the president’s special representative on digital and technological development shared his view on the state of digital assets in an RIA interview. He stated that the Russian government had never made any attempts to suppress the growth of the blockchain and cryptos and that the government is currently trying to bring them into a normative space. He also stated that there was a need for the Russian government to warn citizens that they could find themselves caught up in an MMM 2.0 (which is a famous pyramid scheme that existed back in the 90’s)
Peskov stressed that the threat level in relation to crypto-currencies was high enough for the central bank to have a tougher position on crypto.in his view; the Russian central bank’s position on cryptos was too soft. He further argued that the issuance of crypto-currencies in the country was contrary to the state’s principals. His exact words on the matter were; “the issuance and circulation of crypto-currencies cannot yet be permitted. It contradicts the basic functions of government. An order is important. If we adopt a bill on the principles of working with crypto-currencies on the government level, then we can discuss the implementation of those principles in daily life. But it is not right to do this in reverse.
Peskov’s opinion on the best move forward for Russia is the creation of a legal regulatory framework with regards to crypto-currencies. Peskov was named a special representative of the president through a presidential decree in July 2018 and is also a director of the Young professionals at the agency for strategic initiatives. Peskov’s Boss, who is none other than the president of Russia, Vladimir Putin, addressed the crypto question in his annual question and answer a question with his citizens.
He stated that the country could not have its own crypto-currency because crypto-currency by definition cannot be controlled by a central body. He also added that while his government does not control crypto mining, it treats the activity very carefully. Russian law is not clear on the legal status of cryptocurrencies. A draft law on digital financial assets “prepared by the Russian ministry of finance in March 2018 was accepted by the State Duma in the first of the draft’s three readings May this year. According to RIA, the second reading will take place very soon.
