Cryptocurrencies in Russia have a future

In the regulation of cryptocurrencies, it is important not to pile up extra barriers, but to create conditions for improving the financial system of Russia, said Russian President Vladimir Putin. The head of state expressed this opinion at a meeting in Sochi on cryptocurrencies.

Putin added that the issues of introducing digital technologies in the financial and banking sphere are relevant for the whole world, since new opportunities are opening. At the same time, the media drew attention to the fact that the president recognized: the use of cryptocurrencies is associated with significant risks, as it creates the possibility of laundering of capital, tax evasion, financing of terrorism and distribution of fraudulent schemes.

“Cryptocurrencies in some countries have already become a full -fledged payment tool, an investment asset. At the same time, the use of cryptocurrencies also carries serious risks. We know the position of the Central Bank, the chairman and I spoke several times on this topic, - RIA Novosti’s information agency quoted Putin. - First of all, this is the possibility of laundering of capital received by criminal means, tax evasion and financing even terrorism and, of course, the spread of fraudulent schemes, the victims of which can be ordinary citizens. ”

The President mentioned that cryptocurrencies produces an unlimited circle of anonymous entities, and did not rule out that their customers could be involved in unlawful activities. He also recalled that, according to cryptocurrencies, unlike ordinary money, there is no provision and that in the event of “bubbles” on them, “there will be no legally responsible subject”. Putin called for this moment to keep in mind when discussing the topic.

We add that the Bank of Russia advocates limiting the work of sites on which you can purchase cryptocurrency. This was stated by the first deputy chairman of the Central Bank Sergey Shvetsov at the forum "Russian market of derivative financial instruments", TASS news agency reports. The Ministry of Finance, in turn, proposes to resolve mining only to legal entities and individual entrepreneurs, reports the director of the Department of Financial Policy of the Ministry of Yana Pyrezkina Vedomosti newspaper with reference to the closed tape of the Interfax news agency.

Alexander Khandruev, Vice-President of the Association of Regional Banks, the head of the Department of Finance, Monetary Appeal and Credit of the Faculty of Finance and Banking of the RANEPA, agreed to comment on the situation for Polit.ru. He emphasized that in fact, the president did not show intentions in any way to prohibit the use of cryptocurrencies in the country, but, on the contrary, talked about the creation of the legislation of this area.

Alexander Khandruev

“Actually, this is not the case of the president, the political leader, the leader of the country, to speak out on issues that primarily suggest a professional understanding of what is happening. Although, I think, now there is no such professional understanding regarding cryptocurrencies. The world is divided into two categories: those who believe in cryptocurrencies, and those who unconditionally do not believe in them, consider this a variant of the “financial pyramid” or “bubble” and the like. But in the president’s words, just a very attentive approach is visible: he says that yes, there are risks, but he emphasizes at the same time that when developing legislation, it is important that it is not too tough, and most importantly - so that it is not prohibitive.

That is, Putin just called for the discussion of bills in this area to take into account the prospects for the development of blockchains, cryptocurrencies and the region as a whole. As for the risks - yes, this is absolutely true, they are and serious. Work with any asset (and even more so - with such incomprehensible as cryptocurrency, about which is unclear, either he is a financial asset, or the commodity, and so on) risks. As for the cryptocurrencies, we would not even know their nature to the end, we don’t understand how their further use will go in the calculations, whether they can replace the money traditional in our understanding, which are issued by central banks ... that is, there are more questions than answers that there is already a certain general understanding.

In essence, new routes are laid that have never been used. If cyberspace appears, then the cybersical space (social networks), and the cyber economic space (the Internet of things, in particular), and the cyber financial space appear. This is natural. The fact that, as Tsiolkovsky said, “humanity will not remain forever on Earth”, it will go beyond the limits of the Earth, it will go beyond the borders of the usual financial system. There will be a change of representations, since the world is changing.

Trade session on the exchange /wikipedia.org

The capabilities of communication are changing, the Internet has prepared the ground in order to create blockchain chains, when people can communicate directly with each other and everyone can have equal access to information. Already on the way, a breakthrough to the field of creating artificial intelligence: firstly, biologized robots will appear, and secondly, on such computers and even smartphones it will become possible to load a memory that will exceed the capabilities of the human brain. This is no longer fantasy. But the fact is that the path from fantasies and dreams of their embodiment always has deadbeat branches. So the risks are really huge here.

Firstly, cryptocurrencies can be lost. There are two keys to them - open and closed. And if you lose the key, it will not be possible to get a new one in the bank in the case of loss or forgetting the PIN code. In cryptocurrencies, this is not yet possible. And as a result, from bitcoins, for example, which is issued by 16.5 million pieces, about a million is simply lost. And the founder of the cryptocurrency of Ethereum generally lost an electronic wallet and with it - a very large amount of money, according to some sources - about 30 million. Secondly, the keys to cryptocurrencies, like an electronic wallet, can be stolen. In the end, you can, in the end, deceive this very obscure question for many.

For example, I have a metal pseudo -zoom coin - bitcoin. I show it to people and say: "I bought it." And many believe that they bought, although cryptocurrencies do not actually exist in physical form, it is only a virtual asset. Nevertheless, people believe, are deceived, so for fraud here is a sea of ​​opportunities. In addition, how people play anything, you can play the cost of cryptocurrencies-mislead people, say that now we will make contact, option or something else. A new Mavrodi may appear, which will begin to “release” his supposedly cryptocurrencies, and “MMM-2” will arise. This is also possible.

Therefore, here, of course, huge risks. And if we take into account that we still do not have a legal, legislative field in this area, which would regulate the relationship between people in the production and use of cryptocurrencies, even more so. But this is all for now - Tabula Rasa, a clean sheet - laws in this area must be written. And many countries have already begun to do this. In different ways: in Japan-one approach, in China-another, in the USA-the third. Well, there will be a fourth approach in Russia, it will be normal. In this way, any innovation - social, financial, all kinds - and break through their way.

It is like a path to a new truth: at first it is believed that “this cannot be, because it can never be”, then, at the next stage-“well, maybe there is something, but the risks are big, and in general ...”. And at the third stage, the assessment is already completely different: “Well, what are you talking about, everyone knows about this!” So, now we have the first stage. A huge number of people deny cryptocurrencies from the very beginning, and not only people who do not have a special education deny them. Many professors and academics, theorists and even practices believe that this is something like a “financial pyramid”. Such statements are allowed even by people who occupy high posts.

Bitcoin symbol / pixabay.com

No, cryptocurrencies are not “financial pyramids”. “Financial Pyramid” is when the latter pay for the first, and then no one pays for anyone. But the fact that there are risks is absolutely true. The risks are very large - financial, market. Indeed, a person can invest money - and forget the key, lose it, leave it by accident. And all, he will no longer be able to use this money. But this is only one example, in fact, the possibilities of losing more funds. Any innovation is always associated with increased risks.

But what is important here? That the president, speaking of risks, developed the topic in this way: that, despite this, it is necessary, working on the legislative framework, not to make it too prohibitive. Because the spread of cryptocurrencies cannot be stopped - this is a process that organically, objectively follows from the development of civilization.

I repeat: although I believe that it is not the case of a political leader - to talk about it, I admit that in our country this is of great importance for people. At least they will then approach the issue more carefully. And, I emphasize, the president’s speech, if you look at his text on the official website , has two parts: relating risks and relating to the development of legislation. I certainly agree with both: this is a very balanced performance, it suggests that the president owns the issue, ”said Alexander Khandruev.

Anton Siluanov, Minister of Finance at a meeting on the use of digital technologies in the financial sector / kremlin.ru

We add: according to the results of the meeting dedicated to cryptocurrencies, it was decided that the authorities would develop and accept laws governing mining and circulation of cryptocurrencies. According to the Kommersant newspaper, this actually completes the dispute about whether it is worth prohibiting cryptocurrencies in Russia.

The state intends to “lead and legally adjust” the release and appeal of cryptocurrencies in Russia, said finance Minister Anton Siluanov. According to him, at a meeting on cryptocurrencies in Sochi, they agreed "that the state needs to regulate the process of emission of cryptocurrencies, the process of mining, the process of circulation."

“The state should lead this situation and adjust the legislatively,” the Interfax news agency cited his words in a closed tape, which quotes the Medusa online publication.