Russian Legislators: Lack of Crypto Regulation Damaging Russian Economy

Russian Lawmakers Criticize Lack of Crypto Regulation

Russian lawmakers have criticized Moscow over its “failure” to regulate the crypto sector, claiming that inaction harms the nation’s economy. Per the media outlets Finam and Pravda, lawmakers spoke about the matter on March 13.

Artem Kiryanov’s Call for Regulation

Artem Kiryanov, the Deputy Chairman of the State Duma Committee on Economic Policy, and the head of the Russian Union of Taxpayers, said it had become “necessary to pass a law” to “regulate the cryptocurrency sector.” Kiryanov was critical of previous attempts to police the sector, claiming that bills proposed in the State Duma “do not treat cryptocurrency as a means of payment.”

Citizens Confused by Crypto, CBDCs, MP Claims

Kiryanov added that many citizens were becoming unsure as to whether the Central Bank’s digital ruble is also a “cryptoasset.” The Committee Deputy Chairman said that the Russian CBDC “cannot be compared with cryptocurrency, since these are different types of asset.”

Crypto Declarations Could Build Trust, Says Lawmaker

State Duma lawmaker Anatoly Wasserman suggested creating a system for declaring crypto holdings and transfers to build trust. Wasserman noted that cash payments raise suspicions about Russian lawmakers, and said that crypto declarations would be “the best way” to remove these.

Meanwhile, Russia’s failure to police the crypto sector has already cost it a FATF compliance rating downgrade this year.