The Finance Ministry did not rule out that the cryptocurrency can be allowed to exchange in Russia

MOSCOW, may 22. /TASS/. Deputy Finance Minister Alexei Moiseev does not exclude that digital of financial assets in the future can be admitted to the Russian foreign exchange market in a currency that can be exchanged for rubles for financial transactions on the territory of the Russian Federation. He reported about it in interview to TV channel “Russia 24”.

“Can be admitted to the exchange, then the status will be somewhat similar to the status of foreign currencies that are allowed to change in certain areas, exchanged, stored, but not allowed to make the purchase and sale of goods and services,” he said. Moses noted that in this case, it should be installed or fixed rate contract, or flexible, depending on certain factors and how will be structured the exchange.

When Moses said that the Ministry of Finance maintains a principled position that cryptocurrencies are not legal tender on the territory of Russia.

“We have the means of payment is the ruble, and the ruble may be not only paper, it can be electronic – there are electronic purses in rubles. Could be any electronic format of the ruble, but this should be the ruble issued by the Central Bank. We can’t be in the country more than one emissive center,” he explained, noting that the coin issue is the “issue of something like securities”.

Bypass sanctions

According to Moses, the draft law on digital of financial assets does not aim to bypass the sanctions, however, creates the opportunity.

“Here in the first place it is possible to speak about certain jurisdiction, which is difficult to raise funds. This Republic of Crimea in the first place and the city of Sevastopol. If someone wants to open a cafe, then it’s hard to find money outside, cheap money, and the organization ICO [Initial Coin Offering – initial public offering scriptaction], in fact, close this issue”, – said Moiseev.

The state Duma meeting on Tuesday adopted in the first reading a bill creating the basis for regulation of legal relations in the framework of the digital economy. The bill establishes the Civil code of the Russian Federation a number of basic provisions that will regulate the market of new objects of economic relations, to provide legal conditions for the execution of transactions in the digital environment (“smart contracts”, “samospalenie transaction”) and to provide protection to the citizens and legal entities regarding such transactions.

The amendments also introduced the concept of “digital money”, or “cryptocurrency”. At the same time establishes the main rule that legal tender they are not.

The bill, in particular, defines the tokens that are produced to attract funding, and establishes the procedure for ICO, and defines and establishes the legal status of cryptocurrencies and their mining.