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The Central Bank of Russia is in opposition to institutions that would organize the release of cryptocurrency and facilitate its circulation

The bill on digital financial assets in the first reading was adopted almost two years ago

Almost two years ago, a bill on digital financial assets (CFA) was passed in the first reading. Since then, the text has been finalized and has undergone significant changes. The source published an interview with the director of the legal department of the Bank of Russia Alexey Guznov, who told what consensus the Russian authorities had regarding the cryptocurrency circulation on the territory of the Russian Federation and what new terms and requirements appeared in the bill.
Alexey Guznov

Alexey Guznov

Alexey Guznov noted that initially, the bill was more focused on the definition of digital assets and almost did not contain the rules for their circulation. Therefore, the main emphasis in the refinement was made on the inclusion of the CFA in the control loop.

At the same time, it was essential to ensure that digital financial assets do not intersect with those objects of law that are now regulated, that is, with securities and non-cash funds. The bill also defines the basic infrastructure for organizing the issuance and circulation of digital financial assets, information system operators and exchange operators, and what requirements are placed on these institutions and their managers.

As for cryptocurrency, the position of the Central Bank remains unchanged. The bank is sure that there are significant risks in legalizing the circulation of cryptocurrency, both from the point of view of financial stability and the system of combating money laundering and from the point of view of protecting consumer rights. According to Alexey Guznov, the consensus may be that no one will prohibit owning the digital currency. However, there will be a ban on the issue of cryptocurrency and the organization of its circulation. This, in particular, means that it will be impossible to convert cryptocurrency into traditional currency or cash it out without violating the law.

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