media: The Ministry of Finance proposed prohibiting the organization of digital assets circulation in Russia – Bits Media

Frank Media, citing an alternative interfigure by Interfax.com, reported a dispute between the Ministry of Finance and law enforcement agencies on the prohibition of circulation of digital assets in Russia.

According to the publication, The Ministry of Finance of Russia proposed to discuss the new version of the article 14 law "On digital financial assets", which regulates the circulation of digital currency. The amendment prepared by the Ministry of Finance introduces a clause into the bill, According to which the organization of cryptocurrency circulation will be prohibited in the country with the exception of the activities of mining companies, who want to sell the extracted assets.

“In the Russian Federation, the organization of circulation of digital currency is prohibited, With the exception of the organization of the circulation of digital currency in mining conditions (Including participation in the mining pool)», - says in the adjustment, prepared by the department.

In the interpretation of the financial department, The organization of the circulation of digital currency in the Russian Federation refers to the activities of the provision of services, aimed at ensuring the commission of civil law transactions or operations, entailing a digital currency from one holder to another, using Russian information infrastructure, Through Russian exchanges, exchangers or cryptomats.

However, two power departments at once, Investigative Committee (SK) and Federal Security Service (FSB) criticized the Ministry of Finance, Counting, that in this edition, the amendment can be interpreted as a complete ban on organizing any activity on the circulation of digital currency. for instance, The use of formulations proposed by the Ministry of Finance can cause confusion among the participants and regulatory authorities between the “ban on the organization of circulation” and the “prohibition of circulation”, what, in its turn, will lead to legal uncertainty.

“Determining the organization of the circulation of digital currency in the Russian Federation should exhaustively disclose all the features of this process and requires additional discussion”, - said in the FSB in response to the proposal of the Ministry of Finance.

Besides, Power departments believe, that in the future, the ban on the circulation of cryptocurrencies can increase the share of the shadow economy, provoke an increase in crime and fraud, as well as destabilize economic relations.

Recall, that in May, the head of the Department of Financial Policy of the Ministry of Finance of Russia, Ivan Chebeskov, recommended that Russians with average income and do not consider cryptocurrencies as a means of savings below.