Opening the discussion, German Klimenko designated the main purpose of the meeting as the identification of the ways of rapprochement in the issue of cryptocurrency legal regulation in Russia:
“There is the position of the Central Bank, the Ministry of Finance, the industry, and they are often diametrically opposed. However, we should clearly concentrate on the fact that we don't have much time, and most importantly, that the result depends on ourselves. Before starting any dispute, it is necessary to clarify one’s position on a given issue. In our case, when we approach the issue of legislative regulation, we should avoid to the possible extent the so-called professional deformation and achieve a consensual position, agree on common rules of the game. I would like it still to be a two-way road and all of us to know who is doing what on any of the platforms where discussions on the topic take place,“ German Klimenko noted.
The head of the State Duma Committee on financial market Anatoly Aksakov informed that in February of the following year, the Committee will start active discussion of legislative initiatives in the sphere of cryptocurrency: ”Now we are collecting all the positions, and from 1 February, we will proceed to practical discussion of the initiatives that are currently prepared by the expert community, the Ministry of Finance and the Central Bank“, he said.
The advisor to the President of the Russian Federation Sergey Glazyev called cryptocurrencies an ”objective need“ because of the sanctions regime and suggested the possibility of their use to bypass the outer limits: ”There is an objective need in this instrument, related, firstly, to the fact that many banks are subject to the sanctions, as you know, and they do not want to process transactions. This instrument is very suitable for us in the context of some types of activities especially sensitive for the state. We can, regardless of the sanctions, perform settlements with our contractors around the world“, Sergey Glazyev noted.
He especially emphasized the necessity of creation of a national cryptocurrency, which, in his opinion, will be emitted exactly as the ordinary rouble, but with use of blockchain technology. According to him, the creation of a national cryptocurrency would mean the creation of a new type of money, apart from cash and non-cash.
This position was supported by the representative of the Chamber of Commerce and Industry of the Russian Federation Ilya Zubkov. As he noted in his speech, ”the concept of ‘virtual money’ or ‘virtual property rights’ needs to be introduced in the Civil code, which will lay the basis for the development of legislation and regulation of cryptocurrencies“.
During the meeting the head of the legal committee of the Russian Association of cryptocurrency and blockchain (RACIB) Elena Gultyaeva presented to the meeting participants a report on the progress of the work on preparation of the glossary in the field of cryptocurrency and blockchain technologies. First and foremost, the work of the legal committee of RACIB will affect the overall regulation of the institution of collective funding which will ensure transparency and efficiency of the crowd-investing market, as well as enhance the protection of crowdfunding participants. The law will contain requirements for the identification of participants and limitations for the maximum amount of attracted funds, and will also define such key terms as ”token“, ”smart-contract“ and ”distributed database“.
In his concluding speech German Klimenko urged the participants to fully engage in the process of proposals generation for the legislative regulation of cryptocurrencies, encouraging the experts to hold such meetings and discussions on a regular basis.