The government told about the risks of the exchange of cryptocurrencies for real money

© RIA Novosti / Vladimir Astapkovich in fotobabbles. Archival photoThe government told about the risks of the exchange of cryptocurrencies for real money© RIA Novosti / Vladimir Astapkovich the image Bank

Convert cryptocurrency into real money will cause severe economic and social consequences for Russia, believes first Deputy head of the government apparatus Maxim Akimov.

«It seems to me that the world of cryptocurrencies is waiting for a stabilization period after the rapid uncontrolled growth,» said Ivan in an interview with RIA Novosti.

According to him, the government did the right thing, taking the «low profile» and not allowing to make the Russian economy «the global «sandbox» for laundering criminal funds.»

«Everyone understands that if we allow the conversion of crypto to Fiat (normal. — Approx. ed.) 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», — said the Agency interlocutor.

Akimov added that this year will be the legal basis for treatment of cryptocurrencies in Russia. «There is a fork in the road and we will pass them with experts», — he said.

The Bill Of The Ministry Of Finance

In January, the Ministry of Finance published the draft law «On digital of financial assets», which provides a definition of cryptocurrency and establishes the procedure for transactions with her. The use of cryptocurrency as a means of payment document is not intended.

The Central Bank made the exchange for real money only tokens issued in the framework of the Russian ICO, and against such an exchange for cryptocurrencies. The regulator argued that the fact that even when you identify the ultimate owner will open the possibility of legalizing the questionable transactions.

The Ministry of communications published a draft document on the accreditation of organisers of ICO with a restrictive period of five years and on a voluntary basis. Companies will be selected according to several criteria: registration in Russia, the authorized capital of not less than one hundred million rubles, a license to develop, manufacture and distribution of tokens and the availability of special Bank accounts for operations with funds received from the sale of tokens.

Read the full interview with Maxim Akimov on the website >>