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In Russia, internal struggle erupted around bitcoin
Material posted: Publication date: 12-09-2017
A month a lot can happen. For example, just over a month, Russian institutes have gone from the preparation to the Moscow stock exchange to legal trade cryptocurrencies, the most popular of which is bitcoin and ether, almost up to the decision to follow China's example and ban the primary issue of coins (ICO), that is, the funding mechanisms cryptocurrency for new technology companies.

"Using cryptocurrencies as money substitutes is actively offered for payment for goods and services. In our view, this has as a risk undermining the monetary circulation, and of course, we are using cryptocurrencies as money substitutes to prevent will not be", — quotes Agency TASS the head of the Central Bank of Russia Elvira Nabiullina, which, however, did not mention the ICO. We can only guess about how she keeps track of these platforms for fundraising or not.

Elvira is one of the most influential women in Russia. Vladimir Putin listens to her in the process of making financial and economic decisions. In these matters, Putin relies on it.

This summer, Putin met with the Creator of Ethereum Vitalik Butterini, to discuss progress in the so-called technology of the block chain technology platforms, representing the basis of a digital money. Later in the interview one of the Newspapers of Tatarstan Buterin said that he thought Putin was set aside for these new technologies, considering the opportunity to make them part of the national technological strategy of Russia. "A lot of people at different levels of the Russian government are open to the idea of blockchain and the idea of cryptocurrency. Of course, the fact that we had a meeting with Putin, I think that helped a lot", — quotes the words Balerina online edition of "Real time".

This week, the Central Bank of Russia has opposed cryptocurrencies for the second time.

"Cryptocurrencies are available and unlimited anonymous actors. In the power of the anonymous nature of the activities for the production of cryptocurrencies citizens and legal entities may be involved in illegal activity, including legalization (laundering) of the incomes received by a criminal way, and financing terrorism, — reads the statement of the Central Bank of Russia, published on 4 September. — Given the high risks of handling and use of cryptocurrencies, the Bank of Russia considers it premature admission of cryptocurrencies, as well as any financial instruments denominated or linked to cryptocurrencies, to circulation and use on organised markets and clearing and settlement infrastructure on the territory of the Russian Federation for maintenance of transactions with crypto-currencies and derivatives on them."

Nabiullina has compared the rapid spread of the cryptocurrency gold rush. Other experts called it a bubble. "For a long time was a very small increase, and now we see something similar to the gold rush", she warned.

In her view, the emergence of new technologies blockchain cryptocurrency provides such benefits, which she never had before. "We as a regulator have to think about the risks and prevent these risks, she said. Many of these technologies do not have as the key national regulation, because they have a supranational character."

In July, the Commission on securities and stock market has decided that any trading cryptocurrency undertaken by supranational actors, who sell it to the Americans, falls under its regulatory framework, as it is obliged to protect investors. On Thursday, Mario Draghi (Mario Draghi) has refused to implement the idea of Estonia on the establishment of a national cryptocurrency. When it comes to digital assets, Nabiullina is not alone in his beliefs.

Comments that the Central Bank of Russia made this week, jeopardizing the desire of the Ministry of Finance to legalize cryptocurrency trading on the exchange. Recently, the Ministry of Finance stated that he would like to see bitcoin and other digital currencies can be traded on the Moscow stock exchange and that this market was opened to qualified investors in the next year. Qualified investors must have experience of trading securities and assets in the amount of not less than 6 million rubles. The transaction will be grounded by the regulator of the Moscow stock exchange.

On the one hand, the wheels spun. On the other hand, the Central Bank may apply the brakes at any time.

National settlement Depository Russia's Central securities Depository, currently is developing a platform for blockchain-based developed in Russia Waves Platform to create a system of registration of transactions with cryptocurrencies. Individual investors around the world are increasingly paying attention to the cryptocurrency, and over the past 12 months bitcoin has risen against the dollar by 700% — this achievement cannot be ignored.

Currently, it is developing platform, and it is expected that the prototype will be tested in the first half of 2018. But it begins to work, the Russian legislators and regulators need to develop a legal platform to reduce the risks for investors.

The head Waves Platform Sasha Ivanov noted in his statement in August that "new types of financial instruments will be of interest to a wide range of players, including banks, pension funds and investors."

National settlement Depository conducts all transactions in Russia. Currently, the Depositary has accounts with Central securities depositories and international Central securities depositories eight countries, as well as correspondent accounts in major foreign and Russian banks. The fact that they are moving in this direction, proves that the financial market supports the legalization of cryptocurrency in Russia. As the body that determines monetary policy, the Central Bank of Russia has veto power.

Kenneth Raposa

If Putin and the Russian government seriously intend to compete with the US and Europe, they need to quickly master these new technologies, otherwise they will fall behind even more. Earlier in September, Putin said that the country that controls the technology of artificial intelligence, will "rule the world". Like Russophobes in Washington who always see hackers and Russian allies of Putin, Putin is convinced that the CIA and non-governmental organizations of Washington are trying to manipulate Russia. Many innovations in the field of artificial intelligence will be created in virtual worlds and will be funded by crypto-currencies, against which now stands Nabiullina. And either these projects will be developed by the Russians in Russia, or they will be developed by the Russians, living in California.

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