''The government just wants to subjugate the entire cryptocurrency market, but it is unlikely to succeed''
The State Duma has received the first draft bill on regulation the cryptocurrency market, which involves creation of state and commercial exchanges
The first draft bill to regulate the cryptocurrency market has been brought in the State Duma, it involves the establishment of state cryptocurrency exchanges with the CryptoRuble as well as their commercial analogues. Realnoe Vremya experts have an ambiguous reaction to the initiative, but agreed that Russia needs its own cryptocurrency exchange-traded funds, however, the issue of tax deductions that can repel the players in the direction of loyal foreign sites has remained open.
It has been proposed to create exchanges for cryptocurrencies
The State Duma has received the first draft bill ''On regulation of decentralized virtual property'', which refers to cryptocurrencies and tokens. On November 29th, the document was submitted to the head of the committee on financial market, Anatoly Aksakov, and the chairperson of the expert council on legislative support of financial technologies, Martin Shakkum, Kommersant reports. The text of the draft bill can be found in the public domain. From this it follows that the draftsmen are Andrey Voronkov, the founder of Voronov Ventures PLC, Ekaterina Kotova, a corporate lawyer, Nikita Kulikov, the founder of PravoRobotov ANO, and Ernest Bachurin, PhD in Law.
They propose mechanisms for creation of cryptocurrency exchanges with the right of the government to establish its own state cryptocurrency exchanges with the primary currency in the form of CryptoRuble, which can be exchanged for ordinary rubles with payment of relevant taxes. The cryptocurrency non-state exchanges are proposed to create in the form of a commercial legal entity, the control of activities of which will be carried out by a state authorized body.
According to the draft bill, the Decentralized autonomous organization, which exists in virtual form, will be responsible for controlling cryptocurrencies and tokens.
Realnoe Vremya asked opinions of other representatives of cryptocurrency market and analysts of companies working with investors.