Russia Could Be the First Country to Pass a Cryptocurrency Law

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Russia may become the world’s first country to pass a cryptocurrency regulation law, according to the State Duma’s anticorruption and security committee deputy chairman Andrei Lugovoi.

Speaking to RBK Tatarstan, Lugovoi stated that his prime objective at Finnopolis 2016 financial forum in Kazan is to explain to the banking community that assessment of perspectives and risks of digital currencies, “understanding of their right usage” and elaboration of anonymity removal mechanisms are the top priorities in this regard.

“Today’s objective is to create optimal legal environment for development of cryptocurrency. A new law, on the one hand, should not let Russia “slip away” from the overall fintech development trend and thus allow exodus of capital, and, on the other hand, exclude all the risks of cryptocurrency’s usage for money laundering and financing of terrorism,” he stated.

He also noted that the cryptocurrency discussion in Russia has changed its course.

“Earlier the question was whether cryptocurrency should be. Now there’s understanding that its ban would arrest the development of blockchain and set Russia years back technology-wise,” Lugovoi said.

Earlier this week Bank of Russian said it was studying pros and cons of creating a government-controlled digital currency.

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