Cryptocurrency Emission, Circulation 'Can't Be Allowed Now' in Russia - Official

01:20 GMT, 10 September 2018

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MOSCOW (Sputnik) - The emission and circulation of cryptocurrency in Russia cannot be allowed now since the legislation determining the basic principles of work with cryptocurrency is yet to be adopted in Russia, Dmitry Peskov, president's special representative on digital and technological development, said in an interview with Sputnik on Monday.

Sputnik

"The emission and circulation of cryptocurrency cannot be allowed now. This contradicts the state's basic function. The consistency is important. If we adopt a draft legislation on the principles of work with cryptocurrency at a general level, then we can discuss the implementation of those principles in ordinary life. But it is wrong to go the other way round," Peskov said ahead of the fourth Eastern Economic Forum (EEF).

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The legal status of cryptocurrency, mining and crowdfunding has not been defined in Russia so far. In March, three bills aimed at closing this legislative gap were submitted to Russia's lower house. The bills' second reading is scheduled for the fall.

Previous year, Russian Deputy Finance Minister Alexei Moiseev told reporters that the country's finance ministry had envisioned taxation of cryptocurrency mining as an entrepreneurial activity in the draft law on cryptocurrencies.

The fourth EEF will be held on September 11-13 in Russia's Far East. The main event of the forum will be the plenary session "The Russian Far East: Creating a New Reality" with Russian President Vladimir Putin's participation.