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Russian Bill On Digital Assets Threatens Crypto Sphere — Expert

19:33 08/11/2018

Elina Sidorenko, the chief of the working group on estimated risks of crypto turnover at the Russian parliament, believes that the new bill on digital financial assets might harm the country’s crypto sphere, IHODL reports.

Sidorenko shared the corresponding opinion during the Blockchain Life 2018 forum, where she criticized the draft law that has already been developed. She expressed the hope that the MPs will not accept regulations on digital assets, otherwise one can forget about the development of the crypto sphere in the country.

First, the document says nothing about mining, there is no explanation whether it is an entrepreneurial activity or anything else. Secondly, the bill does not have the notion of “cryptocurrency” as such, it is mentioned in a veiled way, the head of the working group stated.

 

However, the greatest danger is caused by the indication that market participants will be able to manage the so-called unit of operational accounting only with the permission of the Central Bank. According to the expert, there will be no free crypto economics in this case.
 

The token emission is not mentioned in the bill too, it says only about the “release of tokens”. By that, only depositing of acquired tokens on the account of a person is meant, but, according to Sidorenko, this is far from emission and it is not a release. However, there are the definitions of blockchain and distributed ledgers in the document, despite the fact that the correct characterization of these concepts is not yet defined in the world.

In case of the law adoption, the entire tokenization system will be controlled by the Central Bank, and there simply will be no cryptocurrencies. Accordingly, no depositor will invest in Russian projects, Sidorenko summarized.
 

Earlier, State Duma MP Anatoly Aksakov spoke about the prospects associated with the possible launch of a crypto ruble.

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