Anatoly Aksakov: the bill on the regulation of cryptocurrency has no concept of “mining”

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The draft law “On digital of financial assets” , which will be considered in the second reading, removed the definition of “mining”, said the Chairman of financial market Committee of the state Duma Anatoly Aksakov on the sidelines Finopolis 2018.

“We used to think about bitcoin as their “vratiti” in our economic system. Since decided that we don’t need them, these bitcoins are unclear, respectively, and mining, it turns out, are not needed,” he said.

According to Aksakov, the definition of “mining” at the legislative level requires the definition of a “cryptocurrency”. The new version of the bill also contains clarifications of tax issues for the miners.

“It is a question of the tax office – whether they need it or not. In the work of the system that we have described, mining makes no sense,” he said.

In turn, speaking about the cryptocurrency, the head of the Central Bank Elvira Nabiullina said the reasons for the popularity of the cryptocurrency. In her opinion, they were “in Vogue” because meet the demands of the financial market and society on new technologies, exist independently from the state, bypassing the limitations of the international operations and are also used for money laundering.

“This all coincided: several types of queries, which largely created the phenomenon, she said. – Central Bank sees the blockchain technology of great promise, but it is important to separate the wheat from the chaff.”

CB head stressed that the market should not work with cryptocurrencies, and new technologies.

“We, together with market tested technologies of distributed registries and see great potential including registration, for example, mortgages, digital letters of credit, and so on”, – concluded the speaker.

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