The government of the Russian Federation: Exchange of cryptocurrency for Fiat money is threatened “grave consequences”

First Deputy head of the government of the Russian Federation Maxim Akimov believes that the conversion of cryptocurrencies in real money Russia faces severe economic and social consequences. Such opinion the official expressed in an interview with RIA Novosti.

Akimov said that "the world of cryptocurrencies is waiting for a stabilization period after the rapid uncontrolled growth." According to him, the authorities made the right decision, taking the "low profile" and not allowing the transformation of the Russian economy in a "global sandbox for laundering criminal funds."

Also Akimov said

Everyone understands that if we allow the conversion of cryptocurrencies to Fiat money, it will have dire consequences for the entire socio-economic system. However, in the sphere of funding startups issue tokens, digital bond is applicable and effective.

Akimov added that this year will be a legal basis of the turnover of cryptocurrency in Russia. Russian official agencies have different perspectives on what that base should be.

So, in January the Ministry of Finance published the draft law "On digital of financial assets", the definition of the cryptocurrencies and establishing the procedure for transactions with her. The bill envisages the use of crypto-currencies as means of payment.

For its part, the Central Bank allows the exchange for Fiat money only tokens issued in the framework of the Russian ICO, and opposed such an exchange for cryptocurrency: the regulator believes that even when you identify the ultimate owner will remain the danger of the legalization of suspicious transactions.

Finally, the Ministry of Telecom and mass communications published a draft document on the accreditation of the companies conducting the ICO, with a limiting period of five years and on a voluntary basis. The company must meet several criteria: registration in Russia, the authorized capital not less than 100 million roubles, license for development, manufacture and distribution of tokens, as well as the availability of Bank accounts for operations with resources received from the sale of tokens.

According to Russian Deputy Finance Minister Moiseyev Alexa, a bill on digital and financial assets will contribute to the Duma for several days.

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