Russian deputy offered to legalize crypto money to attract investors

The chairman of the Commission of the Economic Policy Board of Russia's Duma province proposed the legalization of cryptographic money to attract foreign investments, including countries with anti-Russian sanctions.

Crypto money legalization proposal

Sergey Zhigarev, chairman of the Duma Economic Policy Committee, proposed legalizing crypto-banking in the latest parliamentary hearings in Duma on the development of the digital economy, Tass said Tuesday.

He believes that he will attract foreign investments, including countries that sanction Russia. He used these expressions in his speech:

The legalization of digital currencies as a payment instrument can help you to invest in foreign countries, including countries with sanctions. That's why we have a vehicle that can help us accumulate the capital we need today.

He added to other MPs: "The whole banking and financial system will change," he added, "that the intermediaries should disappear from the center and be ready for it."

He added that with their crypto currencies, large companies could enter the market, and "We will witness the birth of a new free and open market. It is hoped that Russian companies will be involved. "

The government is under threat of monopoly

Zhigarev explained at the meeting that for the first time in history, the government's monopoly on the production of money was threatened. "This is an irreversible process that can not be controlled, it brings with it the hopes of a cryptologically supported only by some real assets," he said.

Earlier this month, Assistant Secretary General of the Russian Bank, Olga Skorobogatova, described crypto money as a dangerous investment vehicle due to high volatility. From the government's point of view, he emphasized that the crypto currencies are extremely dangerous.

The Central Bank will oppose allowing the trading of crypto money in the Russian territory, and this will be discussed with the Ministry of Finance.

Draft law published

The Russian Bank is currently working with the Ministry of Finance and the Duma state to establish the legal framework for cryptographic currencies. Meanwhile, the Ministry of Finance issued a draft law draft for regulating the legalization of cryptographic money.

Another issue for legalization of crypto currencies, such as Zhongshan, Bitcoin, cautioned that there is a lack of infrastructure to send the crypto currency to the fiat currency (dollars, euros, etc.). As an example, he said there are more Bitcoin ATMs (BATs) in the US than in Russia. According to the BTM follow-up website Coinatmradar, now there are 38 BTMs in Russia and 1,525 BTMs in the US.