Cryptocurrency trading on the official exchanges will not be allowed. Mining tax and registration of miners will be prepared by July

In an interview with Russia 24, Deputy Finance Minister Alexei Moiseev expressed the position of the Ministry of Finance regarding the legalization of cryptocurrency trading. He recalled that on this occasion there was a “fairly public” discussion between the Ministry of Finance and the Central Bank, where the latter expressed a tougher position on the prohibition of cryptocurrency, and the Ministry of Finance - softer. In particular, the Ministry of Finance proposed to allow individuals and qualified investors to trade in cryptocurrency on licensed exchanges. But in the end, the prohibitive policy of the Central Bank prevailed. So there will be no such permission. Apparently, the current status quo will remain: trade will be carried out only on underground exchanges on the Internet without state guarantees.

Moses is against changing the Civil Code to create cryptocurrency status. He believes that they fit perfectly into the existing definition of “other property”, but discussions on this matter continue. The status of cryptocurrency should be described in the legislation before July 1, 2018, as well as the concept of technology of distributed registries (blockchain), token and smart contract.

In general, the Ministry of Finance expects a decline in interest in cryptocurrency and a fall in the price of Bitcoin.

The official noted that it would not be possible to officially buy and sell cryptocurrencies, but transactions under ICO are supposed to be legally resolved with some kind of investor protection mechanism, that is, the issuer's legally binding obligations in the process of placing tokens and “duplicating smart contracts in at least one copy”. Now preparing the rules of regulation of ICO in Russia. Proposals for cryptocurrencies and the ICO market should be formed by February 1, 2018, a bill on them can be adopted by the State Duma in the spring session.

A crypto-ruble, according to Moiseyev, will be the development of a national currency in electronic form (which already exists) with a possible extension of its use. At the same time, Moses suggested using a more appropriate term “cyberruble” instead of the term “crypto-ruble”: “When people talk about crypto-ruble, they confuse concepts a little. Still, it is more common to call it cyber-ruble. In principle, that in crypto, that in cyber is present cryptography. Therefore, it would not be a mistake to call any "Yandex" wallet or any other "wallet" crypto-ruble. But here we are talking about the development of the electronic ruble in the form in which it exists. But some expansion of its use is possible, ”said the Deputy Minister of Finance.

In addition to introducing the status of cryptocurrency, token and smart contract into legislation, by July 1, 2018 regulators should develop mining requirements and determine the mechanism of taxation of miners.

The Central Bank of the Russian Federation supports the introduction of a mining tax . The first deputy chairman of the Bank of Russia, Olga Skorobogatova, said that both legal entities and private entrepreneurs should be taxed. This type of activity should be legally registered and taxed: “Mining is not only a production of cryptocurrencies and not even so much, it is a broader concept. Mining is used in the application of blockchain technology and is a validation of the transaction, which is represented in blocks in this technology, Skorobogatova explained. She added that mining "requires a large infrastructure, so we believe that this is an activity."

The positions of the Central Bank, the Ministry of Finance, the Ministry of Communications and the Ministry of Economic Development and Trade coincide "in the main points," Skorobogatova said.


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