Despite the growing interest on the part of the Russian authorities in cryptocurrencies such as Bitcoin (BTC), the Russian Internet Ombudsman has expressed confidence that domestic cryptocurrency regulations will still largely be expensive.
Dmitry Marinichev, the Commissioner for the Protection of Entrepreneurial Rights under Russian President Vladimir Putin, discussed Russia’s approach to regulating cryptocurrency in a panel at a major domestic industry event, Blockchain Life 2021, on Wednesday.
Marinichev said that Russia will continue to take a restrictive stance on cryptocurrency because the Russian government does not want Russians to make money with bitcoin:
“I am sure that the policy of Russian cryptocurrency will always be prohibited, because no one will allow Russians to make money through cryptocurrency transactions, and no one will ever allow them to make payments with money other than the ruble. It is important to know this.”
Marinichev also argued that Russia’s crypto laws, including the country’s first crypto law “On Digital Financial Assets,” or DFA, have nothing to do with individual investors and were adopted due to high demand from corporations and large corporations. Supported by the state. …
“The DFA applies only to large companies and has nothing to do with the industry. This has not affected the ordinary and enthusiastic people of the cryptocurrency and blockchain industry,” he said. The United States has the “cheapest electricity” in the world.
Marinichev was appointed as the Russian Internet Ombudsman by President Putin back in 2014. This official was apparently deeply involved in the crypto industry, suggesting that Crimea would use cryptocurrencies in 2017. He also planned to reuse his metallurgical plant. . The Russian miner will turn into a cryptocurrency mining company in 2019 and expects to mine 20% of the world’s bitcoins.
On the subject: RACIB chief says Russia “does absolutely nothing” to regulate cryptocurrency.
Marinichev’s comments on Russian crypto regulations have been followed as the country’s local authorities begin to show increased interest in cryptocurrency, and some ministries are proposing mining bitcoins with associated gas. At the same time, the Russian government remains skeptical of Bitcoin regarding the interests of its citizens, as the Bank of Russia is trying to ban certain transactions on cryptocurrency exchanges.