Just when Russian president Vladimir Putin expressed his formidable support towards issuance of the country’s own centralized indigenous cryptocurrency popularised by the name of CryptoRuble, comes another bigshot public association falling under the Russian periphery who have been quite vocal about their pro domestic cryptocurrency legislation. For shaping the same into reality, they have even sent a proposal to the government urging them to approve the domestic only legislation. According to reports published by RIA Novosti, the proposal was sent by the Association of Entrepreneurs for the Development of Business Patriotism (Avanti) to the Federation Council and the State Duma on Monday for gaining legislative permit for domestic cryptocurrency circulation.
Avanti is one of the biggest public association for businessmen and entrepreneurs in Russia. This association works along with officials, entrepreneurs and regions for promoting the concept of business patriotism under the supportive wing of Russian parliament members. The association recently wrote in a letter, :
“We propose to prohibit the issuing and circulation of foreign cryptocurrencies in the territory of the Russian Federation, to concentrate on the development of domestic virtual currencies.”
The letter also read, “ The issuance and circulation of foreign cryptocurrencies in the territory of the Russian Federation can lead to irreversible negative consequences both in the field of economic development of our state and its political stability,” which clearly indicates the over looming risks associated with cryptocurrencies by Avanti. Rahman Yansukov, the head of Avanti also stated in the issued letter that cryptocurrencies can,:
“stimulate the development of not only the shadow economy but are capable of generating new forms of ‘universal evil’, such as terrorism, human trafficking, and drug trafficking.”
He also added that such cryptocurrencies “bear significant risks for the state and for every citizen,” which brings along the “lack of control over the issuance” of money, “unpredictability,” “insufficient security of operations, anonymity,” and “decentralization.” He pointed out that “it is also important to note that the main users of cryptocurrency are people who want to conduct financial transactions anonymously, it can be assumed that these transactions or the funds involved in them are in most cases illegal.”
The letters issued by Avanti clearly implied that, “the activities of any kind of prohibited organizations can be financed by foreign cryptocurrencies.”Additionally, the letter also read, “Bribes to unscrupulous officials or compensation to saboteurs cannot be tracked and warned, since both subjects of the transaction, like the currency itself, will be anonymous.”
Also Read:Russia to License Cryptocurrency Miners and Tax Mining Income
Chairman of the State Duma Committee on Economic Policy, Industry, Innovative Development, and Entrepreneurship, Sergey Zhigarev expressed his full support towards the business community and stated that, “I’m not sure that it is technically possible to separate the sale of cryptocurrencies, for example, by Russian companies … from foreign cryptocurrencies, so regarding the ban – this is a technically impossible thing, in my opinion.”
Following President Vladimir Putin’s announcement of cryptocurrency regulation last week, both the finance ministry and central bank are toiling hard to draft a basic regulatory architecture. The draft bill will most probably be introduced by this year end.
Get latest Cryptocurrency news and updates on KryptoMoney.com
Subscribe to our newsletters and join our Telegram Channel to stay updated.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
