The Central Bank questioned the need to crack down on the cryptocurrency market

An excessive crackdown on the cryptocurrency market have a negative impact on Russia’s ability to monitor trades with them, says the Director of the Department of financial technologies, projects and process organization of the Bank of Russia Vadim Kaludov. According to him, the introduction of too stringent regulation will lead to the fact that transactions will be conducted outside of Russia.

“The struggle for security can tighten the screws so that the exchanges in the country happens, we will not have room for… Forcing the exchange process outside the country, we actually are reducing the level of security and stability,” said Kaludov, speaking in the Duma (quoted by “RIA Novosti”).

The representative of the Central Bank expressed confidence that the process of exchange of conventional money for cryptocurrency is going to happen regardless of what measures to regulate such operations will be accepted. However, the adoption of too stringent measures will deter people from those sites occurring on which the financial authorities of Russia have the ability to track.

“This monitoring will remain outside of the country. And I’m not sure that the lack of monitoring within the country will increase the security or stability of the situation in Russia”, — said Kaludov.

At the same time, the head of the Department of the Central Bank stressed that the aggregate value of all released in the world of cryptocurrency right now is less than $15 billion, too little to pose a threat to financial stability.

“In the framework of global financial stability, to be honest, this is one in the period after the comma, i.e. it is not the figures that can in any way affect the stability,” — said the representative of the Central Bank.

In the spring of 2016 became aware of the development by the Ministry of Finance amendments to the penal code introducing responsibility for the production of monetary surrogates, including cryptocurrencies.

However, in August, Deputy Finance Minister Alexei Moiseev said that the bill, which provides for “frontal ban” on bitcoin will be adjusted.

“The draft law is ready, but hurry we will not, and most likely it will change along the way. Probably, with the development of technology face a ban will do is not very correct”, — said Moiseev.