21/10/2017 |

Ministry of Communications: Russia “is doomed to its own way” in the issue of creating a crypto currency

Nukola Nikhiphorov

The creation of a cryptorubl was a real mania for Russian officials. The regulatory framework for its issue will appear soon enough. But the citizens and companies cryptor, the operation with which it is supposed to impose taxes, is unlikely to be of interest. At the same time, it is hardly possible to switch to settlements between Russia and other countries in crypto-currencies: there are difficulties even in the calculations of conventional national currencies, experts say.

Russia “is doomed to its own way” in the issue of creating and legalizing crypto protection. This can not be the legalization of foreign crypto-currencies, said on Wednesday in the State Duma, answering the questions of deputies, the head of the Ministry of Communications Nikolai Nikiforov.

According to him, it is necessary to clearly state the rules of issue and the rules for transferring key currencies to crypto assets. It is also necessary to resolve the issue of taxation. If we treat the Crypto-currency as a commodity, then transactions with it should be taxed not by VAT, but by a number of other taxes – for example, it may be a tax on profits or on income of physical persons, the minister said.

According to Nikiforov, Russia should hurry with the bill on the legalization of the crypto currency. “If we do not, other states” will do it, he said, adding that the neighbors in the EEA are closely engaged in this work.

Recently, the cryptoruble is a permanent topic in the minister’s speeches. The other day Nikiforov said that the decision to issue a national crypto currency was taken by President Vladimir Putin and the cryptor will be created quickly. It is assumed that the emission of crypto currency will be regulated by a closed model and does not imply the possibility of mining.

In the matter of taxing a new currency, as the minister explained earlier, such a scheme can be used: if the owner can not explain the reason for the appearance of cryptorubs, when he transfers them to Russian rubles, the personal income tax (NDFL) for him will amount to 13% of the total volume. When buying and selling a cryptoruble, the amount will be 13% from the earned difference.

At a conference in Skolkovo on Tuesday said that the agency had already prepared a government decree that defines the technological process of issuing a national crypto currency.

“The draft resolution proposes certain rules, as this kind of technology could be introduced into legal legal circulation on the territory of Russia,” he said, adding that, according to the document, the Central Bank will issue and regulate the crypto currency.

At the same conference in Skolkovo, Prime Minister Dmitry Medvedev, speaking of the need to digitize the economy, also indirectly commented on this initiative.

“With every transformation wave, there is a lot of foam. The boom in the market is crypto-currency, other initiatives based on the blockbuster – in the absence of clear rules are able to generate quite serious risks for which decentralized players, and especially anonymous players, can not respond, “the prime minister said.

What will be a “cryptorubl”, and who will need it, while one can only guess.

“Cryptoruble” is the same ruble, but, most likely, working on blocking technology and protected by cryptography, it will have nothing to do with currencies such as bitcoin, lightcoin and others. Such an upgrade is primarily interesting for the state to strengthen control over the movement of currencies, and, as a consequence, to reduce the share of the “gray zone”, – explains analyst of the social network for investors eToro in Russia and the CIS, Mikhail Mashchenko.

As experts suggest, the process of introducing crypto currency will begin with the government structures, which it will impose on top. In particular, cryptorubles will help to monitor the movement of budget funds, Mashchenko believes. After government structures, the government will already try to introduce a cryptor in circulation between individuals and companies, said Eldiyar Muratov, president of the Singapore Castle Family office.

However, “ordinary” people and speculators, considering the possibility of trading bitcoin and other crypto-currencies that are not regulated, the cryptoruble will simply not be interesting, since this currency will be a complete analogue of the “old ruble” and repeat its dynamics, analysts believe.

“The idea of ​​a tax on buying and selling looks ridiculous for any person who is somehow familiar with the question. I want to believe that soon this project will be handed over to the competent authorities, where it will be finalized and brought into an adequate form, “Mashchenko notes.

Theoretically, a cryptoruble might be of interest to legal entities in online trading, since in this way the money will flow from the seller to the buyer without bank commissions. But, to make it profitable, such companies should be able to store cryptorubles in their accounts and not put them into rubles, says co-founder of Wirex crypto bank Pavel Matveyev.

It is unlikely that employees of the company will appreciate if they are also paid wages in cryptors: individuals, if they are obliged to pay a 13% tax, such operations will simply be unprofitable.

At the same time, according to experts, the benefits of creating a cryptor may be in mutual settlements between Russia, China, and the countries of the Eurasian Economic Union of Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan (EAEC).

So, in the Middle Kingdom, just now are busy creating crypto-yun, also in opposition to bitcoin, centralized and state-regulated crypto-currencies. As Timur Zhaksylykov, the Minister for Economic and Financial Policy of the Eurasian Economic Commission (ECE, the body of the EEMP), noted earlier, today in the EEA countries, both at the state level and through the efforts of business associations, with the participation of financial market regulators on the creation of national crypto-currencies.

At the same time, Kazakhstan is particularly active. As it became known a few days ago, the International Financial Center “Astana” (IFAC) and the investment company EXANTE signed a memorandum of cooperation, within the framework of which a new crypto currency will be created on the basis of the Stasis platform, provided with traditional financial assets.

However, as the chief economist of the Eurasian Development Bank Yaroslav Lissovolik points out, the prospects for transferring the calculations between Russia and China and the EEA countries, although there are, but first of all, countries need to work on improving the convertibility of their national currencies, even with this there are problems, and then on interstate settlements in crypto-currencies.

In particular, according to him, in the framework of the meeting of BRICS leaders held in early September, the emphasis was on how to move more quickly into settlements in national currencies.

The experts explain the haste of Russia in the introduction of the cryptorouble into circulation by the reluctance of our country to bear image loss first of all, because within the framework of the EAPS Russia is trying to create the image of the most powerful and advanced state and can not allow us to be ahead of Kazakhstan.


Original in Russian:: Gazeta.ru

Author: Natali Eremina

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