Main article: Cryptocurrencies
Legislation on Digital Financial Assets and Digital Currency in Russia
Main article: Legislation on digital financial assets and digital currency in Russia
Taxes on cryptocurrency transactions (CFA)
Main article: Taxes on operations with cryptocurrencies (CFA) in Russia
Cryptocurrency inheritance
Main article: Cryptocurrency inheritance
Digital ruble
Main article: Digital ruble
Bitcoin in Russia
Main article: Bitcoin in Russia
Mining cryptocurrencies
2024
In Russia, created a service for storing cryptocurrencies "Digital Treasury" corresponding to the laws
On October 11, 2024, it became known that the Russian blockchain company Web3 Tech, together with CryptoPro, developed and launched an innovative platform for storing and managing cryptocurrencies called Digital Treasury. This service is designed to provide secure storage and management of digital assets for companies working with cryptocurrencies, including liquidity providers and banks. Read more here
Russia began to pay China for cryptocurrency electronics
On September 17, 2024, it became known that the Russian authorities began to transfer trade with China to cryptocurrency. To this end, a special focus group has been formed within the framework of the experimental legal regime (EPR). Read more here
The Ministry of Finance of the Russian Federation approved exchange trading in cryptocurrency
In July 2024, it became known that the Ministry of Finance of the Russian Federation supported organized trading in digital currency on Russian exchanges for a limited number of investors. This initiative is part of a broader plan to regulate the cryptocurrency market in the country.
The Ministry of Finance proposes to open access to digital currency trading only for "especially qualified" investors. This proposal is contained in the draft government recall prepared by the department at the end of June 2024 for two deputy bills: on the regulation of cryptocurrency mining and on settlements in digital currency within the framework of the experimental legal regime.
The Ministry of Finance recommends considering the possibility of recognizing digital currency as a currency value within the framework of general regulation. This would allow currency transactions with digital currencies, including their use as a means of payment under foreign trade contracts.
As part of the experiment, the Ministry of Finance proposes to establish special regulation for organized trading in digital currency recognized as a commodity. Such trading could be conducted by companies licensed by the exchange or trading system.
The register of licenses of exchanges and trading systems of the Central Bank of Russia contains seven companies, including Moscow Exchange, SPB Exchange, St. Petersburg International Commodity Exchange and others.
The head of the State Duma Committee on the Financial Market Anatoly Aksakov previously noted that the largest Russian exchanges already have the necessary infrastructure to service the cryptocurrency flow and will be able to quickly join the process when creating appropriate legal conditions.
Since 2022, the Ministry of Finance has consistently advocated comprehensive regulation of digital currencies. The agency even prepared a bill that envisaged the legalization of crypto exchanges in Russia, but no consensus was reached with the Central Bank on this issue.[1]
Russia accounted for 27% of traffic at the largest crypto exchanges
In May 2024, traffic on cryptocurrency exchanges decreased by 4% compared to the previous month, while spot trading volumes decreased by 20%. Russia accounted for up to 27% of traffic at the largest crypto exchanges, as stated in the review of the Wu Blockchain resource, published on June 11, 2024. Read more here.
Russian commodity companies began to use cryptocurrency due to problems with financial transactions in China
Russian companies have begun to actively use cryptocurrencies to settle with Chinese partners in order to bypass financial restrictions. This was reported at the end of May 2024 by Bloomberg.
According to its sources, two leading metal producers in Russia (their names were not disclosed) began to use cryptocurrencies, such as the Tether stablecoin, to conduct cross-border transactions.
The Central Bank of the Russian Federation told banks that the use of cryptocurrencies is allowed only for international transfers and that such operations should not be widely advertised. Sources among top managers of companies confirmed that cryptocurrencies help bypass the difficulties with settlements that arose due to the strengthening of control of Chinese banks that fear secondary US sanctions.
 | The use of stablecoins is an effective solution. The transfer can take up to 15 seconds and cost only a few cents. |  |
As Bloomberg noted, problems with settlements with China escalated after Chinese banks tightened control over transactions related to Russia, starting in March 2023. Some Chinese banks, such as Zhejiang Chouzhou Commercial Bank, have suspended all settlements with Russian customers. This is due to fears that their activities may fall under Western sanctions.[2]
The Central Bank of the Russian Federation launched a service to identify the connection between fiat and crypto operations
The Bank of Russia and Rosfinmonitoring launched a service to identify the connection between fiat and cryptocurrency operations. The development was called "Know Your Crypto Client," said Ilya Bushmelev, director of project portfolio management at Innotech (partner of the Transparent Blockchain platform from Rosfinmonitoring) at the end of April 2024. Read more here.
Rosfinmonitoring: The attack in Crocus was financed through cryptocurrency
On April 25, 2024, the head of Rosfinmonitoring Yuri Chikhanchin, speaking at an international forum on topical issues of combating money laundering and terrorist financing, said that the terrorist attack in Crocus City Hall was financed through cryptocurrency.
| | Investigative measures have not yet been completed, but preliminary results show that citizens of a number of countries participated in the organization of the terrorist attack. And the financing of the terrorist attack took place through numerous financial organizations using various instruments, including cryptocurrency, - said Chikhanchin (quoted by TASS). | |
On March 22, 2024, four armed men broke into the Crocus before a concert by the Picnic group, opened fire and set fire to the building. Subsequently, the attackers fled in a car, they were detained in the Bryansk region. The victims of the terrorist attack were 145 people, of whom 134 were identified. Another 695 people were injured (figures as of April 25, 2024).
The RIA Novosti agency discovered a crypto wallet that customers and perpetrators of the terrorist attack could use. The address for the wallet was posted on a Telegram channel associated with the branch of the Islamic State (IS) terrorist organization Vilayat Khorasan, banned in the Russian Federation. According to the newspaper, half of the amount promised to terrorists for the attack on the concert hall went through the crypto wallet. On March 22, when the terrorist attack occurred, four receipts and departures of funds were recorded - a total of $2525.
The RIA Novosti publication also says that on March 12, 2024, the address of a wallet on the Tronskan platform appeared in the publication of "one of the extremist Telegram channels," and its administrator simultaneously maintained a Telegram channel associated with the terrorist group.[3]
The Central Bank of the Russian Federation officially urged banks not to contact cryptocurrency
At the end of February 2024, the Central Bank of the Russian Federation published recommendations for banks regarding cryptocurrencies. In particular, the regulator called on financial institutions to minimize participation in transactions with digital currencies, including those related to the purchase of cryptocurrencies on exchanges and advertising of related services.
Banks are advised to identify the purchase or sale of digital currencies using accounts issued on dummy individuals, as well as request additional data from those performing such transactions to take into account when assessing their risk level.
Operators in the digital financial assets (CFA) market of the Central Bank recommended not to provide services for the issue and turnover of digital financial assets (CFA), the profitability of which depends on the value of digital currencies and similar indicators. The regulator recalled that in 2021 he had already recommended that exchanges refuse admission to the trading of such financial instruments, and that financial intermediaries should refrain from offering such instruments to unqualified investors.
The Central Bank clarified that the recommendations do not apply to digital currencies of central banks and digital rights issued in accordance with Russian laws.
According to the head of the legal bureau "Sagrada Legal" Oleg Ushakov, from the recommendations of the Central Bank we can conclude that the Central Bank does not want banks to completely come into contact with digital currencies. By the end of February 2024, the laws of the Russian Federation explicitly prohibit only the use of digital currencies as a means of settlement, but the regulator's message is focused, among other things, on the actual refusal of even indirect participation in operations with them, the lawyer said.
According to Viktor Dostov, head of the Association of Electronic Money and Money Transfer Market Participants, the Central Bank's letter is intended to "hint" to banks that the practice of issuing CFAs tied to cryptocurrencies "will not like the regulator, although technically, according to the law, there is such an opportunity."
Guidelines for Strengthening Control over Individual Operations of Individual Customers
2023
The Central Bank estimated the annual turnover of cryptocurrencies among Russians at 4.78 trillion rubles
By the end of 2023, the volume of flows of bitcoins and ethers (Ethereum) on the largest cryptocurrency exchanges, potentially attributable to Russians, amounted to 4.78 trillion rubles. The Bank of Russia gave this assessment in its annual report, published at the end of March 2024. The regulator refers to the data of the blockchain analytics service "Transparent Blockchain," created by Rosfinmonitoring.
As noted in the Central Bank, the analysis of the crypto assets market indicates a potentially high level of involvement of Russians in the crypto assets market. The Bank of Russia also drew attention to the growth in 2023 of the volume of high-risk acquiring and p2p operations on the accounts of individuals, providing settlements of shadow business with Russian citizens and on transactions with cryptocurrency. Such transactions are carried out through the accounts of dummies, the so-called "drops" - citizens who, for a fee, transfer access to their bank cards and Internet banking to third parties. The Bank of Russia considers such transactions suspicious.
According to the Central Bank, the total inflow and outflow of bitcoins at the largest crypto exchanges that fall on Russians in the second or third quarters of 2023 amounted to about 700.19 thousand bitcoins (1.68 trillion rubles at the average exchange rate at that time), which is 22.4% less compared to the same period in 2022. As the regulator emphasizes, this indicator means the turnover of transactions (the volume of movement of users' funds between accounts), and it cannot be interpreted, for example, as the volume of investments.
Bitcoin balances on the wallets of crypto exchanges, which could fall on Russian users, at the end of the third quarter of 2023 decreased by 3.1% on an annualized basis and amounted to 96.9 thousand bitcoins (255 billion rubles), according to the materials of the Central Bank.
Cryptocurrency-related court cases rise nearly fivefold
In Russia, over the past two years, the number of legal cases related to cryptocurrency has increased fivefold: from 510 in 2021 to 2653 in 2023. More than half of all cryptocurrency litigation was related to bankruptcy disputes. This is stated in a study by the law firm EBR and the educational platform in the field of digital and business law Moscow Digital School, part of Ultimate Education (Ultimate Education). The data is based on an analysis of information from Caselook's practice search and analysis system. Moscow Digital School announced this on March 27, 2024.
In 2023, the number of such bankruptcy disputes was 1,646, which is 91% more than a year earlier (863). In addition, the number of civil cases related to cryptocurrency, criminal cases - 34%, administrative cases - 19% also increased by 60%.
According to analysts, the increase in the number of cryptocurrency-related lawsuits in 2022-2023 is due to the development of crypto-economics in the country and the increased interest of society and business in this industry. In addition, this is due to the growing popularity of using cryptocurrency for settlements among criminals.
As Dmitry Kirillov, an adviser to Lidings, a teacher at the Moscow Digital School educational platform, notes, court cases mentioning crypto assets in 2023 were most often found in several areas.
According to Dmitry Kirillov, criminal cases are primarily related to the use of crypto assets in settlements in connection with drug trafficking. Unfortunately, this activity seriously discredits the crypto industry - drug dealers convert the received fiat currency into cryptocurrency, then change or transfer it to other persons, then again transfer it to rubles and withdraw it to bank cards "drops" - people who massively issue bank cards for themselves and provide them to criminals for withdrawal of funds. Banks are actively fighting such operations within the framework of anti-money laundering legislation.
The second group of criminal cases is related to the theft of crypto assets. Here, criminals either gain access to someone else's crypto wallet and steal cryptocurrency, or receive crypto assets as a ransom in the process of extortion, for example, for returning access to information blocked by the ransomware virus. Cases of cryptocurrency financial pyramids and scams are also known.
Civil law disputes mainly boil down to the return of funds invested in crypto projects. Unfortunately, there are still court acts with conclusions that cryptocurrency is not regulated as an object of civil rights and operations with it are carried out at their own peril and risk. On the other hand, in bankruptcy cases, the courts adhere to the approach to recognizing cryptocurrency as property, formed six years ago and enshrined in the law on the CFA.
The debate about the collection of debt by energy sales organizations for electricity consumed in the process of mining cryptocurrencies stands out. Such cases are usually resolved in favor of power engineers.
According to Kristina Mkrtchyan, adviser to the intellectual property practice of the EBR law firm, the growth of litigation, where cryptocurrency assets are the subject of research, is a natural process of rapid development of the crypto economy and an increase in interest in it from society and business.
| | The main drivers of the growth of such interest are two main factors: sanctions pressure and the desire to "hide" their assets in the confidential blockchain (we observe that disputes related to bankruptcy account for most of the total number of cases). The projected rise in cryptocurrency-related legal cases in the near future reflects both the expansion of crypto-economics and the increasing complexity of legal issues related to it. This requires a legal system of flexibility and adaptation to realities, as well as from legal scholars - a constant update of knowledge and understanding of technological and economic changes in the field of cryptocurrencies, - said Kristina Mkrtchyan. | |
Analysts expect a further rise in cryptocurrency-related court cases in the near future. With the development of new directions in the cryptosphere, the industry will face new types of disputes.
In April 2023, RTM Group analysts predicted that by the end of the year the number of cryptocurrency-related court cases would increase to 2 thousand.
Binance announced the termination of ruble transactions between users
On December 11, 2023, Binance announced the termination of operations in rubles. The decision was announced a few weeks after the announcement of the sale of the Russian crypto exchange business. Read more here.
The Central Bank and the Ministry of Finance agreed on a unified approach to the use of cryptocurrencies in Russia
The Central Bank and the Ministry of Finance of the Russian Federation have reached an agreement on the issue of cryptocurrency, including its use in an experiment on cross-border payments. This was announced by the head of the Bank of Russia Elvira Nabiullina at a joint meeting of committees to consider the main directions of monetary policy in 2024-2026.
| | We had a lot of disputes here with the Ministry of Finance on cryptocurrency, but it seems to me that we have agreed on this topic. And there should be no questions on our part here, "she said. | |
According to Nabiullina, the regulator will support the use of mining and cryptocurrency within the framework of experimental regimes, but only in those industries where the rights of investors investing in such assets will be protected.
| | Including we believe that it is necessary to develop the possibility of issuing digital financial assets, but where there is a responsible issuer, where the rights of investors of citizens who invest in such digital financial assets are protected. By the way, we support their use in international calculations, "she said. | |
Earlier in 2023, Russian Finance Minister Anton Siluanov said the agency was in favor of regulating the cryptocurrency segment. At the legislative level, certain operations and settlements should be banned, and something should be legalized, he said.
The Ministry of Finance of the Russian Federation supported the introduction of international settlements in digital assets for any industries without restrictions. As service centers for conducting transactions, they offered the Moscow Exchange or St. Petersburg Exchange. In the fall of 2023, the government began to develop a mechanism for conducting such operations. At the same time, it became known that companies in the Russian Federation are already making cross-border payments using cryptocurrencies. Transactions are carried out in a limited volume for settlements with unfriendly countries.[4]
Rosfinmonitoring: We have a tool to track the operations of Russians with cryptocurrency
The Transparent Blockchain system allows you to track transactions using more than 30 cryptocurrencies. Director of Rosfinmonitoring Yuri Chikhanchin spoke about this in early November 2023. Read more here.
Rosfinmonitoring: The number of cryptocurrency transactions has tripled since the beginning of the year
In January-September 2023, more than 185 thousand cryptocurrency transactions were carried out in Russia, which is three times more than in the same period in 2022, when about 60 thousand transactions were registered. In monetary terms, the volume of transactions doubled. Such data in early November 2023 led to Rosfinmonitoring.
According to the director of the department, Yuri Chikhanchin, drug dealers, terrorists and corrupt officials actively use cryptocurrency, so the decision to regulate it "needs to be made as soon as possible." The Ministry of Finance advocates the legalization and control of cryptocurrency turnover, while the Bank of Russia adheres to its complete ban on the country.
| | We already know how we will work if cryptocurrency calculations legalize and if they are completely banned. But we need to understand the rules of the game, "Chikhanchin explained. | |
Earlier in 2023, it became known about the development of a bill that involves the creation of a national crypto platform - it will form a register of digital currency operators, monitor their compliance with the necessary requirements and license their activities. With its help, exporters will also be able to use digital currency in cross-border payments.
In September 2023, the head of the State Duma Committee on the Financial Market, Anatoly Aksakov, said that the topic of regulating cryptocurrencies in Russia was hanging, but in the fall of 2023, relevant bills could be considered and the issue could largely be resolved.
In the summer, Aksakov pointed out that a package of bills on cryptocurrency, including mining, experimental legal regimes, taxation, and operations with cryptocurrencies, was under consideration in the State Duma. In addition, according to him, a bill was proposed regarding the responsibility of cryptocurrencies.[5]
The Central Bank took cryptocurrencies and stablecoins in the main areas of development of the Russian financial market until 2026. Document
The Bank of Russia has determined the main directions for the development of the financial market until 2026. The regulator published the corresponding document at the end of October 2023. It talks about cryptocurrencies and stablecoins, among other things.
The distribution of these financial assets, as noted by the Central Bank, is important. In the absence of global regulation, trends in their use in calculations instead of national ones may increase currencies and significant distribution in the world. Measures taken by individual countries may not be sufficient to limit these risks within national economies due to the cross-border, extraterritorial nature of modern money surrogates, the Bank of Russia added.
At the same time, they believe that the spread of cryptocurrencies carries significant risks for the country's economy and financial stability. The potential use of cryptocurrencies as a means of payment for goods and services creates the risk of undermining monetary circulation and losing the sovereignty of the national currency. This problem (cryptatization) is similar to the problem of currency exchange (growth of cash, foreign currency deposits or investments in foreign securities), which is primarily characteristic of emerging market countries. A high level of currency or cryptatization means that the effect of the central bank's monetary policy will be very limited, and the inflation rate will be constantly increased. To contain inflation, it will be necessary to maintain a higher level of the key rate on an ongoing basis. This will reduce the availability of lending for citizens and businesses, the Central Bank notes.
The document published by the Central Bank fixes the tasks of transforming the Russian economy and increasing market stability. The regulator identified the following as the main ones:
- protection of the rights of consumers of financial services and investors;
- increasing financial inclusion for citizens and businesses;
- digitalization of the market, development of payment infrastructure;
- transformation of the system of foreign trade payments and settlements;
- ensuring financial stability.
As part of the task of digitalizing the financial market, the Central Bank will carry out legislative work so that the introduction of modern payment technologies is safe. Also, the regulator, taking into account external and internal factors, will continue to adjust macroprudential regulation, which limits systemic financial risks.
Rosfinmonitoring: Russians have direct access to 457 crypto exchanges and exchangers
By September 12, 2023, citizens can get direct access to 457 crypto exchanges and exchangers from Russia, said Olga Tisen, a UN consultant on countering the financing of terrorism using virtual assets, head of the legal department of Rosfinmonitoring, at one of the conferences. According to her, we are talking about sites calculated on the basis of data from open sources.
According to international standards, all states must track unregistered crypto exchanges and exchangers, Tisen said: and, of course, Russia does. There are different ways, she said. For example, law enforcement agencies conduct so-called test purchases and purchase cryptocurrency in exchange for cash, Tisen said. In addition, Rosfinmonitoring conducts financial intelligence. Also, the authorities track all offers for the exchange and sale of cryptocurrency in the public domain - the Internet, instant messengers, including closed chats, she added.
As they write Sheets"" in the issue of September 13, 2023, in Russia the activities of crypto exchanges and crypto exchanges are not yet regulated in any way. According to the current legislation, settlements in cryptocurrency on the territory of the Russian Federation are prohibited. He categorically opposes cryptocurrencies and their legal circulation in Russia, Central Bank while, Ministry of Finance on the contrary, he is more loyal in this matter.
Over time, the position of the Central Bank regarding cryptocurrencies has softened slightly: the regulator allowed their use in cross-border settlements outside the Russian infrastructure. In April of this year, a bill was submitted to the State Duma regulating the use of cryptocurrencies within the framework of an experimental legal regime. But since then, it has not reached the first reading. The issue hung in discussions and discussions, Ivan Chebeskov, director of the financial policy department of the Ministry of Finance, admitted in mid-September 2023.[6]
The number of services accepting cryptocurrency payment in Russia increased by 20%
The number of services accepting cryptocurrency payment in Russia (crypto-processing) in Russia in the first half of 2023 reached 300-400 units, which is 15-20% more compared to six previous months, and is about twice the number in January-June 2022 (200 units). Such RTM Group data were released at the end of July 2023.
According to Artem Brudanin, head of cybersecurity at RTM Group, the largest share of services falls on the so-called crypto exchanges, which allow you to exchange real money for a digital analogue, as well as companies that have a business in the Russian Federation, but sell goods and services abroad.
The number of organizations that are considering the option of accepting payments in cryptocurrency after the imposition of sanctions has also grown. The departure of international payment systems also influenced this. Basically, bitcoin and ether are used for these purposes. In addition, payment with cryptocurrency is in demand from gaming services.
Small establishments and stores more often use the phrase Bitcoin/USDT Accepted as part of marketing promotion, says Roman Kaufman, co-founder of Berezka DAO and Weezi. He explained the meaning of cryptoprocessing for Russian business with low commissions and fast global transactions without the need for conversion and loss in cross-courses. According to him, this applies primarily to entering new markets, in those countries where the currency is volatile. For such countries, USDT may be the best payment option, Kaufman said.
According to the managing partner of GMT Legal Andrei Tugarin, the average cost of creating a crypto-processing service is small - about €35 thousand abroad. Moreover, these costs include obtaining a license, preparing all the necessary documents, registration, as well as staff maintenance, the expert explains.[7]
Rosfinmonitoring service "Transparent Blockchain" helped solve a contract murder paid for by cryptocurrency
Rosfinmonitoring's Transparent Blockchain service helped solve a contract murder paid for by cryptocurrency. State Secretary - Deputy Director of the department German Neglyad spoke about this at the end of July 2023. Read more here.
Rosbank was the first among large banks in Russia to launch cross-border payments in cryptocurrency
Rosbank was the first among large banks in Russia to launch cross-border payments in cryptocurrency. The credit institution told about this in early June 2023. Read more here.
The Central Bank listed the risks of legalizing cryptocurrencies
At the end of February 2023, the Central Bank of the Russian Federation listed the risks of legalizing cryptocurrencies. One of them is associated with the development of illegal operations.
| | The legalization of operations with cryptocurrencies within the country, their admission to the regulated financial system would lead to the implementation of fundamental risks: for the welfare of Russian citizens, the stability of the financial system, the growth of illegal activities, - said Elizaveta Danilova, director of the financial stability department of the Bank of Russia, in an interview with the National Banking Journal. | |
Despite this, the Bank of Russia allows the use of cryptocurrency in international settlements. The regulator also discusses mining regulation options by the end of February 2023. In February 2023, the head of the Central Bank Elvira Nabiullina said that the Central Bank had not changed its opinion about cryptocurrencies.
| | We have a negative attitude towards the use of cryptocurrency in the national market, in internal calculations, "she recalled. They are ready to make an exception only for cross-border settlements. | |
The report published by the Central Bank for public consultations "Cryptocurrencies: trends, risks, measures" says that the growth of the cryptocurrency market largely reflects the formation of a bubble in the market. Speaking about the high volatility of the cryptocurrency market, the regulator draws attention, for example, to the dependence of their value on the information background. Also, the high volatility of cryptocurrencies is due to their significant concentration in the hands of a small number of owners, which creates opportunities for deliberate manipulations in the market.
The Central Bank sees a similarity between the functioning of cryptocurrencies and financial pyramids: price growth is supported by demand from newly entered participants.
| | Individuals who have become investors a long time ago sell cryptocurrency at a high price and actually do so at the expense of new participants. Sooner or later, such a pyramid may collapse, and its participants will lose their funds, the regulator warns.[8] | |
Russians are actively buying "foreign" accounts on crypto exchanges to bypass locks
By January 2023, the number of offers had doubled compared to the beginning of 2022, and this growth, according to experts, is associated with restrictions imposed by crypto exchanges against Russians.
Rosfinmonitoring will spend 340 million rubles to control cryptocurrency operations
The unified information system in the field of countering the legalization () to washing of proceeds from crime and financing, terrorism which is being developed, Rosfinmonitoring will receive an updated module "Monitoring and analysis of cryptocurrency transactions." For this, the department is ready to spend 340 million, rubles writes on January 20, 2023 "" with reference to the Kommersant materials of the relevant public procurement. More here.
2022
Russians account for 5-10% of data leaks from crypto services in the world
The volume of databases leaked from crypto services in the world in 2022 tripled. This was announced by Igor Agievich, a security specialist in distributed registers of Positive Technologies. Independent expert Andrei Barkhota says that in 2022 up to a thousand databases of crypto services were stolen, which corresponds to 10 million customer identifiers. Read more here.
33.9 million people regularly make transactions in cryptocurrency
Prosecutor General Krasnov: Russia began to give bribes in cryptocurrencies
In December Prosecutor General of the Russian Federation Igor Krasnov 2022, he said that cases of transfer of bribes in the country began to be recorded. to cryptocurrency
According to Krasnov, one such case took place in Khakassia, the head of the drug control department was asked to prosecute a person for a fee - he stole prohibited substances from an illegal online store that was engaged in the sale of drugs. For this, the law enforcement officer received a bribe in bitcoins. Then he transferred the received amount to rubles through a Qiwi wallet and brought it to a bank card. Subsequently, the civil servant was brought to justice and sentenced to five years in prison.
{{quote 'There are examples of the transfer of cryptocurrency as a bribe, although they are not so common yet, - said the Prosecutor General of the Russian Federation in an interview with TASS. }} At the same time, Krasnov noted that such crimes pose an increased social danger, since the use of cryptocurrency in criminal calculations often indicates a connection with organized crime.
Earlier, the Investigative Committee of the Russian Federation opened cases against the head of the department and two teachers of the Moscow Pedagogical State University. They are suspected of bribes for defending dissertations and obtaining a degree. The participants in the scheme received money in bitcoins.
Igor Krasnov said that in Russia in 2022, cases of receiving bribes totaling almost 2 billion rubles were revealed. The average size of the bribe amounted to more than 500 thousand rubles. Krasnov noted that small bribes of up to 10 thousand rubles are also common. In 2021, their share among all bribes was about a third.[9]
Export of Russian software is planned to be translated into cryptocurrency
As it became known on November 9, 2022, the developers association Russian ON "" Russoft prepared a roadmap for. export support software One of the proposals concerns the transition to calculations in. cryptocurrencies More details. here
The number of cryptomats for exchanging money for cryptocurrency and vice versa has sharply increased in Moscow
At the end of October 2022, it became known that the number of cryptomats for exchanging money for cryptocurrency and vice versa had sharply increased in Moscow. So, in the company RusBit, which is engaged in the installation of such equipment, it was reported that since the beginning of 2022, 14 new cryptomats have appeared, and the total number in the Russian Federation has reached 52 pieces.
In cryptomats, you can convert virtual currency into fiat currency either in non-cash form to a bank account, or in cash. In this case, there may be a restriction on the volume and types of cash currency withdrawn. For example, you cannot withdraw cash from Russian cryptomats.
The demand for such services has grown due to the difficulty of buying cryptocurrencies for ordinary citizens - usually you need to look for P2P platforms, register accounts on English-language sites, undergo verification or search for an exchanger on the Internet, Roman Kaufman, co-founder of the blockchain company Berezka DAO, told Kommersant.
RusBit considers the installation of cryptomats to be completely legal. According to the creators of the company, firstly, all cars are connected to the OFD cloud cash desk (a fiscal data operator that transmits data from cash registers to the Federal Tax Service). Secondly, all Bitcoin addresses are now checked through the KYC (Know Your Client) system. Finally, under the Digital Financial Assets Act, digital currency is a "digital commodity."
However, lawyers note that the terminals are in the "gray zone" and it is unclear how the rights of citizens will be protected in the event of problems.
At the same time, cryptomats offer unfavorable exchange conditions. The correspondent of the publication acquired a small share of bitcoin through cryptomat. The purchase rate amounted to 1.494 million rubles, which is 10-14% higher than in Internet exchangers. At the same time, the funds have not yet reached the crypto wallet. RusBit expects that up to 1,000 terminals will be installed in Russia in 2023.[10]
The Ministry of Finance and the Central Bank agreed on cross-border settlements in cryptocurrency
The Ministry of Finance of the Russian Federation and the Central Bank of Russia agreed on a bill regulating cross-border settlements in cryptocurrency. Deputy Finance Minister RFAlexey Moiseev announced this on September 22, 2022.
{{quote 'We believe that our basic highway is settlements in national currencies, but, nevertheless, settlements in cryptocurrency will be appropriate somewhere. And here we immediately agreed with the Central Bank, they also consider it permissible. Now we have, in general, at the exit, a bill has been agreed in this part. In general, he writes out how cryptocurrency can be purchased, what can be done with it, and how cross-border settlements can or cannot be carried out, "he said (quoted by TASS). }}
By September 22, 2022, the Russian authorities do not report what the procedure for cross-border settlements using cryptocurrency will look like. Yulia Makarenko, deputy director of the Banking Institute for Development, in a conversation with Izvestia, suggested that, most likely, a single cryptocurrency exchange operator would be appointed. It will probably be entirely a private company or an organization with state participation that can afford the appropriate computing power, she said.
At the beginning of 2022, the Central Bank advocated a ban on the issuance of cryptocurrencies in Russia, as well as their use as investments. Later, the Ministry of Finance of the Russian Federation introduced to the government a bill on the regulation of cryptocurrencies, according to which their use as a means of payment in the Russian Federation is still prohibited, but they can be considered as an investment tool.
Antonina Levashenko, head of the Russian Center for Competence and Analysis of OECD Standards, RANEPA, agrees that the legalization of cryptocurrency in cross-border settlements is a very positive trend.
{{quote 'Of course, such a decision would make the translation system more flexible, giving additional opportunities to Russian business, especially in the context of sanctions,[11] }}
Mishustin instructed to agree on bills to regulate mining in Russia
The Chairman, following the Governments of the Russian Federation Mikhail Mishustin results of the strategic session on the development of the domestic financial system held on August 30, 2022, instructed To the Ministry of Finance , with the participation of December Bank of Russia 1, 2022, to submit agreed proposals for the development of Russia digital financial assets in the market, including the use of decentralized technologies. This is stated in the message of the Government of the Russian Federation of September 13, 2022.
In addition, by December 19, 2022, the Ministry of Finance, together with the Bank of Russia, Rosfinmonitoring FTS FSB should develop an agreed position on draft federal laws regulating the issuance, organization of the issue and circulation of digital currency in Russia in terms of regulation, mining as well as the use of digital currencies in international settlements.
By the same time, the Ministry of Finance, with the participation of the Bank of Russia, was tasked with preparing and sending proposals to the Government on the use of the digital ruble in the budget process.[12]
The Ministry of Finance and the Central Bank advocate the legalization of cross-border payments in cryptocurrencies
In early September 2022, the Ministry of Finance of the Russian Federation and the Bank of Russia rethought the approach to cryptocurrencies and believe that in the near future it is necessary to legalize cross-border settlements in these currencies, said Deputy Finance Minister Alexei Moiseev.
The Bank of Russia is against the legalization of cryptocurrencies, crypto exchanges and crypto exchanges in Russia, the press service of the Central Bank said. The Central Bank is ready to legalize only cross-border operations in cryptocurrencies, but not within the country.
Sberbank held the first deal to issue digital financial assets on its own platform
Sberbank has launched its own platform for the release of digital assets. The bank announced this to TAdviser on July 9, 2022. The first transaction on it was the issue of digital financial assets (CFA) of SberFactoring. The issuer's obligations are secured by receivables transferred to factoring services. The volume of production amounted to 1 billion rubles, the term of placement - 3 months. Read more here.
In Russia, the demand for hardware crypto wallets has grown several times
In January-June 2022 Russia , there was an increase in interest in hardware wallets for transactions cryptocurrency with and tokens - the average monthly demand is more than five times higher than in 2021. This was TAdviser reported on July 5, 2022 in the group "."M of Video El Dorado
Illustration: coindesk.com
In particular, sales of the category in the first quarter of 2022 increased eightfold compared to the last quarter of 2021, the peak was in March, when more affordable Tangem products appeared in the assortment. In the second quarter of this year, demand continued to grow, but at a more moderate pace - about a quarter compared to January-March.
At the beginning of July 2022, M.Video-Eldorado presented two types of compact hardware wallets that allow you to safely perform transactions with cryptocurrency, for example, buy, store or sell it. The first sales of the category began in the fall of 2021. Products for managing digital assets are available online and in retail stores, the cost is from 3 thousand rubles. Crypto wallets are often purchased as a gift, the company noted.
The most affordable options, according to information in M.Video-Eldorado, are multi-currency or single-currency Tangem wallets made in the form. bank maps All operations are performed on smartphone with support NFC and are confirmed by touching the card to the device. The assortment also includes wallets Ledger in a form factor, with flash cards touch buttons and a screen through which transactions are confirmed, while all actions are performed through a desktop or. mobile application
Both products have their own wallet recovery methods and special security protocols. In Tangem, private keys are protected from unauthorized access using the built-in EAL6 + security chip. Encryption of the user's personal data is carried out simultaneously using several protocols: RSA, ECC, 3 DES and AES. In case of loss, a codeword is not required to return access, one crypto wallet is duplicated into two or three cards. The cards also have IP68 moisture and dust protection. In Ledger crypto wallets, data protection is provided using a special EAL 5 + chip, transactions are confirmed using a PIN code. A 24-word passphrase is used to restore the wallet.
Zavod IT has created a service for accepting payments in cryptocurrency
On June 28, 2022, ZAVOD-IT announced the creation of a service for accepting payments in cryptocurrency. Read more here.
TerraTech and Masterchain will create digital financial assets
TERRA TECH JSC, a company of the Russian Space Systems holding (RKS, part of the Roscosmos State Corporation), and the Distributed Register Systems company (developer and operator of applied services on the Masterchain blockchain platform) entered into a cooperation agreement. This was announced on April 27, 2022 by the Distributed Register Systems company. Read more here.
The European Union has banned the provision of crypto asset management services to Russia
The European Union has banned the provision of crypto asset management services to Russia as part of the fifth package of sanctions against the Russian Federation, which was approved in April 2022.
According to a report on the website of the European Commission, it is forbidden to provide Russia with services for managing high-cost crypto assets, and thereby closing potential loopholes to bypass sanctions.
European Central Bank President Christine Lagarde warned earlier in 2021 that cryptocurrency was being used to evade sanctions. In a message published on April 4, the European Commission said that cryptocurrency is already included in the existing asset freeze measures.
According to Kommersant, since April 2022, Russian citizens have been prohibited from owning crypto wallets worth more than €10 thousand. Earlier, the EU has already banned Russians from holding more than €100 thousand in bank accounts in participating countries. Alfacash director Nikita Soshnikov considers the EU's decision a logical continuation of other measures. The fact that European countries see cryptocurrencies as an opportunity to bypass their sanctions from Russia and Belarus has been talked about for a long time, the expert notes, and "some such decision was brewing."
The fact that the Russians who fell under the sanctions may try to use cryptocurrency to their advantage was announced in early March by US senators from the Democratic Party, The Wall Street Journal (WSJ) wrote. However, Chainalysis, which monitors transactions in cryptocurrency, then did not note any noticeable attempts to bypass sanctions by Russians, a representative of the site told the newspaper. WSJ sources said at the time that the cryptocurrency market was too small to offset the large-scale impact of the restrictions.[13]
IT company from Yekaterinburg switched to paying employees salaries in cryptocurrency
IT company from Yekaterinburg "Zavod IT startups" allowed its employees to receive salaries in cryptocurrency, and not in rubles. This became known on April 8, 2022. Read more here.
Mishustin: More than 10 trillion rubles are stored on Russian crypto wallets
On April 7, 2022, Prime Minister Mikhail Mishustin named the volume of cryptocurrency owned by Russians, and also noted that the government needs to "seriously discuss" the concept of cryptocurrencies.
| | We are well aware that we have more than 10 million young people today opened crypto wallets, to which significant funds have already been transferred, exceeding, according to various estimates, 10 trillion rubles, he said, speaking in the State Duma with a report on the work of the government in 2021. | |
The head of the Cabinet noted that the government provides for traceability of cash flows and transactions, user identification and single entry through banks or exchanges in the approved concept of cryptocurrencies. At the same time, the head of government opposed the recognition of cryptocurrency as a means of payment.
| | We are against recognizing cryptocurrency as funds for settlements, or money. Here we agree, share the position of the Central Bank of the Russian Federation, we believe that this cannot be done - said Mishustin. | |
According to him, to stimulate investment, and primarily in fixed assets, it is possible to discuss mining issues. This stimulates the creation of data centers and the corresponding infrastructure.
In April 2022, the Ministry of Economic Development of the Russian Federation outlined priority areas in the field of mining regulation, including optimization of mining using renewable energy sources (RES), the introduction of special tax tariffs, delimitation of mining and the use of surplus regions for energy generation.
The head of the department for the development of the digital economy of the Ministry of Economic Development Anatoly Dyubanov noted that it is necessary to introduce the concept of industrial mining of digital currencies for application in relation to entrepreneurial mining activities, which is carried out in large volumes, with the possible establishment of preferential electricity tariffs for this category of mining.[14]
Russian government: Russians own cryptocurrencies worth more than 16.5 trillion. rubles
Russians own cryptocurrencies worth more than 16.5 trillion. rubles ($214 billion), according to an estimate that the Kremlin and government officials use to develop a plan to regulate the industry.
According to government estimates, Russia's share is 12% of the world's volume. This assessment helps explain why the government sees more benefit in regulating the sector than in imposing an outright ban. The estimate of 16.5 trillion rubles may even be underestimated, since some traders hide their activities.
More than 17 million Russians, or about 12% of the total population, are cryptocurrency owners, according to Singapore's tripleA payment gateway.
The statistics give an idea of the booming cryptocurrency market in the country, which ranks third in the world in terms of Bitcoin production, but so far the Bank of Russia and the government disagree on how to regulate it.
The Ministry of Digital Development of Tatarstan decided to launch a pilot zone for the regulation of cryptocurrencies after the proposal of the Central Bank to ban them
At the end of January 2022, it became known about the decision of the Ministry of Digital Development of Tatarstan to create a pilot zone in Kazan to regulate cryptocurrencies after the Central Bank of the Russian Federation proposed to ban these digital assets in the country.
Minister of Digital Development of the Republic Airat Khairullin at a joint meeting of the Cabinet of Ministers of Tatarstan and the board of the regional Ministry of Digital Development asked the President of the Republic Rustama Minnikhanova to implement a pilot zone in Kazan in agreement with the Central Bank, the FSB and the Government of the Russian Federation. According to Khairullin, "it is absolutely fair that the Central Bank of Russia opposes anonymous quasi-financial funds," but the cryptocurrency market is an "underestimated point of growth." The minister pointed out that the volume of transactions of Russians with cryptocurrencies, according to some estimates, reaches $5 billion a year, and the number of global market participants exceeds 221 million people.
Khairullin made the proposal against the backdrop of the height of the public discussion of the Russian authorities around the legalization of digital currencies in the country. On January 20, 2022, the Central Bank published an advisory report on cryptocurrencies, where it announced the need to ban their turnover and mining in the country. In support of its position, the Central Bank listed the potential risks of using these digital assets (for example, threats to the financial security of Russians and a possible outflow of capital), but State Duma deputies and experts challenged some of the regulator's arguments.
On January 25, 2022, the head of the State Duma Committee on the Financial Market Anatoly Aksakov said that the decision to ban and regulate cryptocurrencies in Russia would be made within six months. According to him, after collecting all opinions, a verified and clear position will be formed, which in the future will definitely be reflected in the law.[15]
Russians invested about 7 trillion rubles in cryptocurrencies - Central Bank
According to the Central Bank of the Russian Federation, announced in January 2022, Russians invested about 7 trillion rubles in cryptocurrencies. This is a quarter of deposits in Russian banks. As of December 1, 2021, Russians kept 33.2 trillion rubles in accounts and deposits.
2021
Moscow City is one of the most respected places in the world for cashing in digital currencies
The Moscow City complex is one of the most respected places in the world for cashing out digital currencies, Bloomberg wrote in November 2021. At least 50 companies are registered in the area that convert cryptocurrencies into cash. Some of them work with money obtained illegally. Among them are Suex OTC, EggChange, CashBank and Buy-bitcoin. Suex OTC in September fell under the sanctions of the US Treasury - for "providing financial transactions" for cyber buyers. The ministry said that more than 40% of the company's operations known to him are related to illegal actions.
Three agency sources noted that the United States and Europe are investigating EggChange on suspicion of money laundering.
Later in February 2022, data were published according to which the turnover of the crypto business of exchangers in Moscow City for 2021 is estimated at more than $3 billion. From 29% to 42% are classified as risky transactions.
Russia ranked second in the percentage of the population owning cryptocurrency
Russia ranked second in terms of the percentage of the population owning cryptocurrency. Such data at the end of 2020 were provided by analysts of the Triple A payment platform in early October 2021. Read more here.
Central Bank of the Russian Federation begins to block transfers to crypto exchanges
In mid-September 2021, the Bank of Russia announced the blocking of payments in favor of crypto exchanges and crypto exchanges. The regulator decided to take measures to protect consumers from "emotional" purchases of cryptocurrencies. Read more here.
Putin instructed to check crypto investors
In mid-August 2021 Russia Vladimir Putin , the president approved an anti-corruption plan for 2021-2024, under which the government was given instructions aimed at verifying ownership data. cryptocurrencies
The Ministry of Finance, the Ministry of Labor, the Ministry of Digital Industry and the Central Bank were appointed responsible for the implementation. The proposals that the department needs to prepare before November 15, 2021 should concern "the procedure for conducting verification of the reliability and completeness of information about the ownership of digital financial assets (CFA), other digital rights, digital currency" (cryptocurrencies).
In addition, the ministries were instructed to analyze and summarize the practice of reporting information on the ownership of digital assets and monitoring the costs of their acquisition by September 20, 2023.
As part of the plan, Putin instructed the Prosecutor General's Office until July 15, 2024 to present initiatives to improve regulation in the field of combating corruption, the subject of which is the CFA, digital rights and cryptocurrencies.
Efim Kazantsev, an expert at Moscow Digital School, commenting on the president's instructions, noted in a conversation with RBC that for cryptocurrency holders this means that now Russia has a trend towards strict state regulation of digital asset turnover.
| | The desire of the state to take the cryptosphere under tight control is visible to the naked eye, "he said. | |
According to Roman Yankovsky, a member of the Commission on Legal Support of the Digital Economy of the Moscow Branch of the Russian Bar Association, the new decree is aimed not at private investors, but at officials, but it may affect all market participants.
Efim Kazantsev believes that ordinary users should not be afraid yet, since the anti-corruption plan is an upper-level document. However, the process of regulating the cryptocurrency sphere is going on in Russia along the path of tightening the nuts, so it is worth preparing in advance for strict control by the state, he added.[16]
Launch of the Transparent Blockchain cryptocurrency transaction tracking system
On February 19, 2021, it became known about the creation by the Federal Financial Monitoring Service (Rosfinmonitoring) of a service called Transparent Blockchain, which allows tracking cryptocurrency transactions of Russians. Read more here.
SC: Killers in Russia began to pay cryptocurrency
In mid-January 2021, the Investigative Committee of Russia (TFR) reported that the services of killers began to be paid for with cryptocurrency. Murder customers resort to this method of payment in order to minimize the risks of being caught in the event of a murder being solved. Read more here.
2020
Central Bank: Russians every year make transactions with cryptocurrencies for $5 billion
Russians every year make operations with cryptocurrencies in the amount of $5 billion, or about 350 billion rubles. The Central Bank of the Russian Federation cited such data in a review of Russia's financial stability published at the end of November 2021.
The volume of transactions with cryptocurrencies in Russia is comparable to the investments of Russians in shares of foreign companies. So, according to the Bank of Russia, in 2020, residents of Russia invested 474 billion rubles in foreign securities. However, the Central Bank notes that it is incorrect to interpret the estimated volume of transactions with digital assets as an overflow of citizens' savings into cryptocurrencies.
Firstly, the data on trading turnover may reflect alternating purchases and sales, and secondly, part of this volume is the sale of digital currency obtained as a result of mining, the Central Bank noted.
According to the regulator, Russian users are one of the most active participants in the cryptocurrency market, including the Binance exchange.
| | The volume of transactions with digital currencies and the number of users from Russia and on other equally large international platforms intended for trading in digital currencies are actively growing, the document says. | |
At the same time, the Central Bank believes that operations with digital currencies are risky for financial stability and investors. So, as a justification, the anonymous nature of transactions involving cryptocurrencies is given, thanks to which they are actively used in criminal activities.
In addition, the regulator fears the transfer by the population of part of their savings, in particular, to stablecoins - this is similar to the problem of currency exchange, when citizens massively use foreign currency for savings. At the same time, unpredictable fluctuations in the value of digital assets do not allow them to become a reliable tool for savings, according to the Central Bank.[17]
Roskomnadzor blocks crypto exchanges
As it became known at the end of October 2020, cases of blocking crypto exchanges have become more frequent in Russia. Thus, Roskomnadzor entered the website of the largest crypto exchange Binance in terms of trading volumes into the register of prohibited ones, and then - the largest cryptocurrency exchange service in the CIS MINE.exchange. Read more here.
Mishustin called cryptocurrencies a threat to the financial system of Russia
In October 2020, Prime Minister Mikhail Mishustin called cryptocurrencies a threat to the financial system. According to the head of the Russian government, the state should become a digital platform in order to withstand "competition" with large digital companies.
| | Today, cryptocurrencies, all digital derivatives, financial assets that are actively used by the younger generation pose a threat to both central reserve systems, central banks and financial institutions, "Mishustin said at a meeting of the Valdai Discussion Club (quoted by Rosbalt). | |
According to him, digital giants that create digital platforms have a negative impact on financial regulation in countries. At the same time, he admitted that digitalization is a factor that affects all countries in the 21st century and without which it is impossible to further develop.
As an example, the head of the Cabinet cited the rating of the largest companies by capitalization, the leadership in which belongs to digital giants.
| | The impetus for the capitalization of new large giants was given by the creation of digital platforms, the prime minister said. | |
He explained that this creates "a shared consumption economy that allows you to spend less resources to better consume," "those who create digital platforms win."
| | We very seriously assess the need for digitalization and are constantly working on it, "Mikhail Mishustin summed up.[18] | |
Bitcoin and other cryptocurrencies without a single issuer have no future, said Anatoly Aksakov, head of the State Duma Committee on the Financial Market. In his opinion, this does not apply to digital currencies such as Libra. Aksakov noted that the latter more closely corresponds to the definition of digital financial assets introduced into the Russian legal field.
The first loan for cryptocurrency was issued in the Russian Federation
On August 19, 2020, it became known about the issuance in Russia of the first loan secured by cryptocurrency. It was received by entrepreneur Mikhail Uspensky through the conclusion of an individual bank loan agreement. The escrow mechanism was used in the structuring process.
The loan, secured by Waves blockchain tokens, was issued in Expobank. According to the head of the legal direction of Expobank Tanzila Yandieva, this transaction has a "precedent character for both the legal and banking communities."
The principal moment for the transaction was the most correct legal qualification of platform tokens, Waves said Alexander Zhuravlev, managing partner of the EBR law firm.
As the founder of LFCS (Legal Support) Yuri Brisov (accompanied the transaction) clarified, a notary was also involved in the transaction, who had a deposit of tokens, which provided a mechanism for transferring the asset under the conditional control of the bank.
| | I do not refuse plans to use Waves and I do not see the point of selling tokens, but they should not lie dead in their pockets, but should work, "Mikhail Uspensky told Kommersant. | |
Securing a loan with tokens is a good precedent, but this does not mean that crypto enthusiasts make sense now to go to banks for loans secured by cryptocurrencies, says Dmitry Zakharov, CEO of Moscow Digital School. He doubts that in reality such deals will become a common practice.
Lawyers interviewed by the publication warn of the existence of a share of "legal uncertainty" in the field of circulation of crypto assets due to the lack of clear legal regulation of digital rights, as well as the lack of the necessary organizational infrastructure.[19]
Sberbank announced the release of its cryptocurrency
In early August 2020, Sberbank announced the release of its cryptocurrency - Sberbank. It will be tied to the ruble and is expected to help the credit institution speed up settlements in its ecosystem. Read more here.
Russians about cryptocurrency: Prospects and level of trust
On January 16, 2020, according to a study conducted by the Institute of Public Opinion "Questionnaire," the majority of Internet users in Russia (70%) heard something about cryptocurrency, another 23% are well aware of it, and 7% of respondents first heard this term from the survey.
Among better-off respondents, the share of those who know well about cryptocurrencies is much higher: 37% in the group with income from 70,000 rubles versus 15% - with income up to 10,000 rubles. The study also showed that men are much more aware of this issue than women: 33% versus 15%, respectively.
A little more than half of the respondents who know anything about cryptocurrency (54%) are ready to store their savings in them. Of these, 49% agree to "digitize" only a small amount, and 5% - a large amount or even all savings. However, in fact, only 14% have experience buying or selling cryptocurrency. Even fewer respondents who know about it own any of its varieties - 10%.
In addition, 55% would definitely not agree to receive a salary in cryptocurrency, 33% replied that they would rather not agree. And only 12% would agree to such conditions to one degree or another.
Many surveyed Russians who know about cryptocurrency perceive it as a temporary phenomenon or an unprotected way to store and invest (36% each). Also, 21% consider operations with it a fraudulent scheme like a financial pyramid, and 13% an illegal means of money laundering. At the same time, 29% are confident that cryptocurrency provides freedom, anonymity and independence from banks, any organizations or the state, 27% that this is a natural evolution of commodity-money relations, and according to 13%, this is a quick way to increase your capital.
In total, 65% of those who know about cryptocurrency think that it will not be able to enter the daily life of people and be used when paying purchases or bills. Also, in general, 70% do not believe that in the future it will be equivalent to ordinary money, and only 4% are absolutely sure of the opposite. At the same time, men are more positive: 36% of them believe that cryptocurrency will be used on a par with the usual money, while among women 25% agree with them.
Interestingly, 51% of respondents to one degree or another will have a positive attitude to the creation of a single world cryptocurrency, which will become a legal virtual currency that does not belong to any country or financial institution in the world. 33% of respondents did not support this idea, and another 16% replied that they did not care.
From January 15 to 16, 1,600 residents of the Russian Federation were interviewed using the online panel "Questionnaire." The sample reflected the socio-demographic parameters of the population of the Russian Federation. The error at 95% confidence probability does not exceed 2.5%.[20]
2019
Russia intends to create its own cryptocurrency with the BRICS countries
On November 15, 2019, it became known that Russia and the member countries of the BRICS group could develop a single payment system based on a special cryptocurrency. This was announced by the head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriyev. Read more here.
Venezuela intends to pay Russia with cryptocurrency for housing construction
In early November 2019, it became known about Venezuela's plans to pay Russia cryptocurrency for housing construction. Experts believe that such deals are not yet possible. More. here
Security Council of the Russian Federation: cryptocurrencies are needed to finance terrorism
Cryptocurrencies are needed to finance terrorism, Deputy Rossiyskaya Gazeta Secretary of the Security Council Russia Yuri Kokov said in an interview published on Sunday, October 13, 2019.
| | To finance their activities, terrorists actively use cryptocurrencies, international Muslim humanitarian funds. The firms they control are engaged in speculation on stock exchanges, invest in real estate, in a number of legal sectors of the economy, and participate in criminal business in different countries, he said. | |
Kokov stressed that "coordinated and decisive actions of the entire world community" are necessary to counter terrorism. One of the key areas of work in this vein should be control over the activities of terrorists on the Internet.
| | We must bear in mind that, in fact, today the global network for terrorists is the most effective mechanism for managing disparate forces and means, including financial ones. Under these conditions, maintaining differences between countries in assessments and approaches to the role and place of the global network in public life is unacceptable, "he said. | |
According to the Deputy Secretary of the Security Council of the Russian Federation, the development of information and communication technologies allows terrorists to actively expand the geography of their destructive ideology, join the ranks and attract funds, and carry out hacker attacks.[21]
At the end of August 2019, the legal community in Russia proposed to create a "digital prosecutor's office" that will specialize in criminal cases related to cryptocurrency fraud. According to supporters of the initiative, this will improve the quality of investigation of crimes in the digital sphere. By October 2019, there is almost no law enforcement practice in the digital sphere, since the law "On Digital Assets" has not been adopted.
Sberbank asks customers to explain revenues from cryptocurrencies
In mid-May 2019, it became known about the requirements of Sberbank to explain the income that customers receive from cryptocurrencies. The letter from the credit institution was published on his Facebook page by the co-founder of the crypto trading platform Toxenbox.io Vladimir Smerkis.
In a message addressed not to Smerkis, but to one of Sberbank's clients who wished to remain anonymous, the bank asks to send the address of the crypto wallet, nickname, information about farms and mining premises, as well as paid electricity bills. Smerkis said that the recipient of the letter really transferred money received from the exchange of cryptocurrencies to Sberbank , which the bank notified.
| | We are very outraged by how Sberbank can appeal with terms that do not yet exist in Russian legislation , "Smerkis said . | |
In his opinion, it is not clear how Sberbank will be able to assess the legality of transactions carried out with cryptocurrency in the absence of law.
Sberbank requested this data, referring to Law No. 115-FZ (On Countering the Legalization of Proceeds from Crime and the Financing of Terrorism).
The bank warned that the data must be provided within 5 days, otherwise the service will be turned off to the client.
Many users in the comments to the publication of the letter on Facebook considered the request a fraud, not believing that the bank could request such data. But Sberbank confirmed to Forbes magazine that the letter was sent by the bank, not scammers.
Such a request is permissible if the bank needs to justify the source of the client's funds in accordance with Federal Law No. 115, since the state does not limit the range of information requested from the client in any way, says the head of Tokenomica Artem Tolkachev (previously dealt with the topic of cryptocurrencies and blockchain in Deloitte CIS).
According to him, there is nothing new in such a request: European banks work according to the same scheme, but the expert hears about the case in Russia for the first time.[22]
Rating of countries with the best conditions for the development of blockchain projects and cryptocurrencies. Russia in 18th place
In March 2019, Flying University published a rating of countries that, according to experts, have the most favorable conditions for the development and development of business projects related to blockchain and cryptocurrencies. Russia is in 18th place in the rating. Read more here.
2018: Russian Prime Minister Dmitry Medvedev admits cryptocurrency is a dead-end project
In January 2018, Russian Prime Minister Dmitry Medvedev did not rule out that the boom in cryptocurrencies would pass and they would disappear.
"Everyone today cares about where the limit of the cryptocurrency race is. In general, maybe this is a dead end branch of the cyber revolution. After all, it cannot be completely ruled out that the scenario that happened in the early 90s, when many companies based on the developing Internet appeared, will not repeat, and in the early 2000s these companies largely disappeared. But the technology itself, I mean the Internet, not only has it survived, but it plays a key role in our lives now. In the same way, cryptocurrencies may disappear in a few years, "said[23].
2017
The Ministry of Finance advises not to mess with cryptocurrency
This opinion was expressed by the Minister of Finance of the Russian Federation Anton Siluanov, commenting on the prospects for the adoption of a law regulating the cryptocurrency market in the country. "It is better not to get involved," the minister answered the relevant question regarding the population's operations with cryptocurrencies, the TASS Information Agency of Russia quoted the minister as saying.
The fact that the department headed by Anton Siluanov developed a corresponding bill became known from an interview with the Minister of Finance to the Russia-24 TV channel.
The law will determine the procedure for the issue, taxation, purchase and circulation of cryptocurrencies, said Anton Siluanov. He also stressed that the essence of the law is that: "Only professional market participants, and not ordinary citizens, work with cryptocurrencies."
The minister explained this by the fact that the digital currencies existing in the country are more speculative in nature, which means that a simple citizen has a high probability of getting into deception[24].
"The concern of the financial authorities is understandable, especially since the president has already instructed to regulate cryptocurrencies," Dmitry Alexandrov, an analyst at IC BCS, told Invest-Forsyte. "The main thing is that the adoption of the law is not postponed and cryptocurrencies receive at least some status so that they can be controlled."
Bank of Russia: the growth of the cryptocurrency rate carries risks for the global economy
The increased popularity of cryptocurrencies can lead to large-scale user losses. Such fears voiced the Central Bank of Russia.
In the "Review of Financial Stability," published by the Central Bank, it is noted that "the formation of a bubble in the cryptocurrency market carries risks for the global economy." The document states: "One of the sources of risk in the future may be high activity in the cryptocurrency market, including bitcoin. The use of cryptocurrencies is becoming more and more widespread. In particular, the number of bitcoin transactions is gradually increasing, the bitcoin exchange rate is growing rapidly while maintaining very high volatility. "
The Central Bank draws attention to the fact that the current situation with bitcoin may entail significant losses of consumers. Also, financiers believe that cryptocurrencies can be used both for money laundering and terrorist financing.
REU named after G.V. Plekhanova will be engaged in the rating of the cryptocurrency market
On September 11, 2017, it became known that the Russian University of Economics named after G.V. Plekhanov The Board of Trustees of the University creates a rating agency for independent analytical research and assessment of blockchain startups, ICO cryptocurrencies, as well as analysis of the development of cryptocurrency markets and blockchain technologies.
The rapidly growing blockchain industry is limited by the lack of standardization and developed norms for assessing and applying the capabilities of this technology. There are no professional infrastructures for systematic assessment and analysis of data on blockchain projects. Analysis of the technical features of the platform, business models, teams and many other factors will allow you to objectively assess the risks and economic value of the investment object, according to the university.
| | Blockchain will inevitably lead to digital infrastructure transformation in many traditional business areas. This creates business models that could not exist on the market several years ago. They create significant opportunities for investors and business owners. But any new fast-growing market carries significant risks for all participants due to the lack of standards for assessing the quality, reliability and transparency of new projects, - said Nadezhda Surova, director of the PRUE Institute of Management named after G.V. Plekhanova, head of educational programs on blockchain and cryptocurrencies. - Therefore, the creation of a specialized rating agency on the platform of Russia's largest economic university is the right solution for developing standards for evaluating blockchain startups and creating professional ICO ratings. After the emergence of the rating agency, the risks of fraud will be minimized for both issuers and investors, and they will receive more objective information for decision-making. | |
The basis of the rating agency was the community of users of the cryptocurrency market and blockchain technologies created at the Russian Economic University named after G.V. Plekhanov, together with the Council of Trustees of the University, uniting the scientific elite of the university, faculty and students of specialized departments and faculties, bank specialists, representatives and heads of large companies and state corporations.
| | The analytical team consists of leading professionals in the investment industry with rich experience in the Internet business, crowdfunding and the blockchain industry, - said the head of the Community of Users of the Cryptocurrency Market and Blockchain Technologies, Executive Director of the Board of Trustees of the PRUE named after G.V. Plekhanova Sergey Bezdelov. - We attract our colleagues from Rostec State Corporation, Rosatom State Corporation in order to assemble a team of the best blockchain market analysts. Our goal is to help the cryptocurrency market achieve the necessary standards of quality, transparency and reliability as soon as possible, which will help attract institutional investors and create great opportunities for entrepreneurs of the new economy to attract funding for the implementation of their projects. | |
| | Almost every week we begin training in various educational programs in the field of blockchain technologies and cryptocurrencies, - said Doctor of Economics, Professor of the PRUE named after G.V. Plekhanova, Director of the Rating Agency Arthur Kudel. - We unite and consolidate the professional community towards the development of the digital economy: For example, with the support of the University, on November 16-19, more than 2 thousand participants will gather at the Rosa Khutor Ski Eco-Resort in Sochi as part of the BAZAAR Tech Convention Innovation and Technology Festival, and 800 of them will attend the ICO BAZAAR, where the best blockchain projects in Russia will be presented for evaluation and launch at ICO . | |
Zecurion to develop cryptocurrency security standards
Zecurion, a Russian developer of DLP systems to protect information from leakage, headed the working group on blockchain technologies and cryptocurrencies within the framework of the Domestic Software Information Security Committee of the ARPP. Zecurion announced this on August 30, 2017.
The Blockchain and Cryptocurrency Working Group is set up to develop standards and practical recommendations for the safe use of technology. In addition to blockchain, the Committee members created working groups in other areas, including cloud technologies and information storage, the Internet of Things (IoT), and APCS.
According to the statement of First Deputy Prime Minister Igor Shuvalov, blockchain technologies will develop. He clarified that he sees in them the possibility of providing high-quality and transparent public services.
| | For Zecurion, the decision to head the blockchain working group is a responsible step. We became interested in the topic of cryptocurrencies at the time of their inception, so we were able to accumulate the necessary competencies to coordinate work in this direction, "said Alexander Kovalev, Deputy General Director of Zecurion, an expert on cryptocurrencies. - At the state level, both blockchain and cryptocurrencies are supported, which means that this area should be protected. Our position is not to follow trends, but to create them, which is why we are actively working in this area. | |
Moscow Exchange creates a platform for post-trading maintenance of crypto assets
The Moscow Exchange is working to create an infrastructure for trading cryptocurrencies, the press service of the trading platform told RNS on August 28, 2017.[25]
As the representative of the exchange explained, the development of a platform for post-trading maintenance of crypto assets is underway. At the same time, the Moscow Exchange, together with the bidders, is studying the interest of investors in transactions with digital assets - the trading platform is ready to provide an opportunity to conduct trading in financial products that are in demand and at the same time provide sufficient legal protection.
In parallel, the exchange is conducting a dialogue with regulators to clarify all legal issues of organizing trading in crypto assets on the Russian exchange market and ensuring the protection of the interests of acquirers of such assets.
| | On the exchange platform, it is possible to trade both cryptocurrencies themselves and derivatives on them, as well as trade in shares of exchange-traded funds on cryptocurrencies (ETFs). From a regulatory and technical point of view, it is faster and easier to realize the possibility of trading derivatives on cryptocurrency, "the representative of the trading platform summed up. | |
2015: Central Bank exploring cryptocurrency opportunities
On September 18, 2015, it became known about the creation of Bank of Russia a special working group to study the technology blockchain used in cryptocurrency calculations. bitcoin
"We have even set up our own working group and are immersing ourselves in this topic. We would like to understand how it can be used for settlements and payments in our community, "said Olga Skorobogatova, Deputy Chairman of the Central Bank of Russia (quoted by Interfax) at the Kazan Forum of Innovative Technologies Finnopolis[26]
Blockchain technology is a decentralized electronic transaction database (a kind of online wallet) that all participants in the payment system have access to. Irreversibility of transactions, instant calculations and good error protection provided by collective access to all transactions make it attractive.
According to the Chairman of the Central Bank of the Russian Federation Elvira Nabiullina, the Bank of Russia sees risks in the use of cryptocurrencies for dubious operations. Nabiullina noted that money surrogates are prohibited in Russia, which may include cryptocurrency if it is considered as an analogue of currency.
The head of Sberbank, German Gref, said that cryptocurrency should not be banned, despite the ambiguous attitude towards it.
"A lot of very controversial things related to the invention of technology and the development of it, a very controversial attitude towards bitcoin," Gref said, adding that he himself owns a small number of bitcoins.
Despite criticism from the banking regulator, the Qiwi payment system is preparing to launch its own cryptocurrency. The company has registered several domains that use the word "Beatrub" and is preparing documents for registering a trademark, Kommersant reports. [27]
Notes
- ↑ The Ministry of Finance proposed to allow exchanges to trade in digital currency for a narrow circle of investors
- ↑ Russia Admits 'Problems' With China Payments
- ↑ Rosfinmonitoring: the terrorist attack in Crocus was financed using cryptocurrency
- ↑ Central Bank and Ministry of Finance "agreed" on cryptocurrency, Nabiullina said
- ↑ The decision to regulate cryptocurrency must be made as soon as possible
- ↑ Russians have direct access to 457 crypto exchanges and exchangers
- ↑ Processing is numeric
- ↑ [1]
- ↑ The Prosecutor General of the Russian Federation announced the identification in Russia of the first cases of bribes with cryptocurrency
- ↑ With cryptomats at the ready
- ↑ she said. The Ministry of Finance and the Central Bank agreed on cross-border calculations
- ↑ Mikhail Mishustin gave instructions following a strategic session on the development of the domestic financial system
- ↑ Ukraine: EU agrees fifth package of restrictive measures against Russia
- ↑ Mishustin estimated the amount of funds on the crypto wallet of citizens of the Russian Federation at 10 trillion rubles
- ↑ Kazan proposed to create a pilot zone of the crypto market
- ↑ Putin instructed to check crypto investors. What to expect for bitcoin holders
- ↑ FINANCIAL STABILITY REVIEW
- ↑ Mishustin told how the state should develop
- ↑ Here's the token deposit. The first loan for cryptocurrency was issued in Russia
- ↑ Russians about cryptocurrency: prospects and level of trust
- ↑ Intelligence agencies share secrets
- ↑ Sberbank requested data from the client on income from cryptocurrencies
- ↑ Deputy Prime Minister The head of the Russian government called cryptocurrencies a dead-end project
- ↑ Russians are advised not to mess with cryptocurrency
- ↑ Moscow Exchange is working to create infrastructure for trading cryptocurrencies
- ↑ The Central Bank of the Russian Federation has created a working group to study blockchain technology
- ↑ Cybersquatters turned on the printing press
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