В РОССИИ НАКЛАДЫВАЕТСЯ ЗАПРЕТ НА КРИПТОВАЛЮТЫ
Сорокин В.Е.
Ген. Директор OOO “Недвижимость региона”,
Финансовый Университет при Правительстве Российской Федерации,
Международный финансовый факультет
В РОССИИ НАКЛАДЫВАЕТСЯ ЗАПРЕТ НА КРИПТОВАЛЮТЫ
Аннотация
Электронные деньги - созданные в электронном виде условные единицы обмена. Некоторые из них, такие как БитКоин могут использоваться для покупки реальных товаров и услуг. Курс криптовалют во многом зависит от рыночных спекуляций, но их перспективность в роли электронных денег возрастает, однако некоторые страны предпочитают не допускать до обращения подобного рода денехных средств.
Ключевые слова: криптовалюты, биткоин, экономика.
Sorokin V.E.
CEO OOO “Nedvigimost regiona”,
Financial University under the Government of Russian Federation,
International financial faculty
RUSSIA BANS DIGITAL CURRENCY
Abstact
Digital currency is an electronically created and stored medium of exchange. Some digital currencies like Bitcoin can be used like money to buy physical goods and services. The value of the currencies is largely derived from speculative trading but the fungibility of mainstream digital money is rising bot some countries prefer to ban such payment systems.
Keywords: cruptocurrency, bitcoin, economy.
Due to Russia's status as one of the largest economy in the world, its rising interest in non-cash transactions and its evolving payments ecosystem, the country has unsurprisingly been a market of interest for the bitcoin community, both domestically and internationally.
Russia's decision to ban bitcoin was made at a meeting of an inter-agency working group. Attendees included the deputy chair of the Central Bank of Russia, and heads of relevant departments of the Bank of Russia. Officials from the Russian FSB and the Russian Interior Ministry were also there.
On 1st August 2014, Russia's Ministry of Finance announced a draft bill that, if approved, would standardize the country's definition of 'money surrogate', banning all forms of value that may fall into this category, including bitcoin and alternative digital currencies.
The announcement said:
“According to Article 27 of the Federal Law 'On the Central Bank of the Russian Federation' (Bank of Russia) the official Russian currency is ruble. The issuance of monetary surrogates in Russia is forbidden as well as the introduction of other monetary units. However, monetary surrogate has no standard definition in the Russian legislation.”
“Сryptocurrencies have no real value and their prices are determined due to speculations. So, there is a great risk that investors will lose their money,” the ministry's statement concluded.
Burykina Natalia, chairman of the State Duma Committee on Financial Markets, believes there is no sense in imposing the criminal responsibility for using cryptocurrencies in Russia.
“If the Finance Ministry thinks that bitcoin can compete with the ruble, this threat isn’t severe for the moment. According to the Russian legislation, the ruble is the only legal payment instrument, something else can just be an exchange instrument. If someone wants to exchange [bitcoin], why should we interfere?” she said.
The Bank of Russia mentioned that involvement in bitcoin transactions and exchange services would be considered as “potential involvement in the implementation of suspicious transactions” in accordance with existing legislation on money laundering, as well as counter terrorism legislation.
Bank of Russia deputy chairman Georgy Luntovsky said: “At this stage, we need to watch how the situation develops with these kinds of currencies. These instruments should not be rejected.” Later, the regulator revealed monetary penalties for those who use or even advocate for bitcoin in the full text.
In February, Russia’s General Prosecutor’s Office also issued a statement on bitcoin, stating:
“The official Russian currency is the ruble. The use of any other monetary instruments or surrogates is forbidden."
The one of biggest bitcoin exchange, which based in Bulgary, BTC-e has pulled support for the ruble, following a decision by the Russian Prosecutor's Office to ban bitcoin. A statement issued by Russia's General Prosecutor's Office said that it saw growing interest in the cryptocurrency, including from money launderers.
The announcement is the clearest indication yet of its position regarding cryptocurrencies.
"The anonymous payment systems and crypto-currencies, including bitcoin - which is the most popular of them - are monetary surrogates. As such, their use by private citizens or legal entities is not allowed."
In response, BTC-e announced that it would discontinue support for the ruble.
"In connection with decision-making in relation to the crypto-currency in Russia working with QIWI suspended indefinitely, as well as with other payment systems in Russia," said the exchange, in a news posting only visible for those with their locale set to Russia.
BTC-e's statements suggest that Russia’s budding bitcoin community may continue to be served, even if monetary penalties are passed against its use. “We don’t live in Russia," the exchange representative said.
Artem Tolkachev, managing partner at Tolkachev & Partners, a law firm that gives advises to startups and has the cryptocurrency-based projects in its clients, told that this looming threat has led him to actively encourage his clients to take their businesses to jurisdictions more safer than their domestic region.
Tolkachev told:
"Due to the negative attitude of Russian authorities to cryptocurrencies, we're advising most of our clients to structure their business in foreign jurisdictions. Most of our clients are starting to operate outside Russia."
Tolkachev, who rose to prominence in the local bitcoin community as the author of an early and influential report on the industry, said that many of his clients are taking his advice, basing their operations in other countries to avoid the potential impact of the bill.
Vladimir Chelpanov, a client of Tolkachev & Partners, CEO of bitcoin stealth startup ALFAcoins, for example, has opted to incorporate his business in the British Virgin Islands as it seeks to identify new target markets for its services.
The story of ALFAcoins CEO, is indicative of the general narrative – the startup, which at first attempted to build a Russian alternative to BitPay, now doesn’t monitor the regulatory situation in Russia at all.
“At the moment, our business model excludes the Russian market,” Chelpanov told.
Chelpanov, however, is by no means alone. Regardless of the final decision, statements suggest Russia may already have done enough to halt its market growth.
"We started the business as [a] cryptocurrency payment processing service for stores in Russia, but, under huge changes in the market, we were forced to reorientate the company to international markets," Chelpanov explained.
For now, he believes the draft bill will lock not only ALFAcoins, but other entrepreneurs out of what he called the world's fourth-largest bitcoin market after China, the US and Europe, although this may not result in a substantial migration.
"No Russian companies are officially involved in bitcoin business," he said
Anton Vereshchagin, another client of a law firm, founder of bitcoin exchange InterMoneyExchange Corp (247exchange), has been more active at trying to engage regulators in dialogue, though his company is now registered in Belize.
He began positioning his bitcoin brokerage business toward the international market last year, and has since added a number of support services. The startup now boasts roughly 7,000 users.
Vereshchagin said his attorneys had been writing letters to the Bank of Russia, seeking clarity, but suggested that communications have stalled.
"The answers were not exact, but it was before the recent updates," he said.
Still, Vereshchagin took little interest in Russia's perceived market activity, suggesting it was more of a byproduct of how difficult it was to secure US dollars given that many foreign exchange brokers had ceased operations.
“People are scared that ruble will continue falling, and are trying to buy bitcoins hoping that value of their savings will not decrease so much,” he said at the time.
Other market observers like Tuur Demester saw the situation differently, suggesting wealthy Russians may begin opening accounts with bitcoin exchanges to move out of the ruble.
Pavel Ivanov, a Russian native and the PR manager of digital currency exchange platform, EXMO, for example, is following a similar path.
Launched in 2013, the UK-based company seeks to provide a full suite of brokerage and trading services to appeal to European miners, traders and consumers, and has grown from its roots in Russia to serve the wider European and global market.
While EXMO has a diversified market presence, it still provides its service to the Russian ecosystem. It also sponsors and appears at conferences such as the recent CryptoForum, held in St Petersburg this August.
Still, reactions to the latest statements from the country are mixed, with some startups choosing to continue with their go-to-market strategies until the laws are finalized.
Intercoin Bank (ICB), for instance, launched its universal bitcoin services platform on 29th August. The startup estimated it had registered 700 users before the most recent Ministry of Finance warning, although it says it has struggled to translate this interest into deposit activity.
ICB told that it has a 10-person team based in Moscow and Kazan. The platform, which has been in development for seven months, styles itself as a bitcoin bank, offering exchange, payment processing and deposit services – sophisticated offerings that could be transitioned to other markets.
Speaking through an interpreter, the company said ICB is currently only targeting the Russian market, although its legal team is exploring potential backup plans.
To conclude it should be said about main effect of this ban. Or rather about the lack of any effect on money or cryptocyrrency markets. Since first announcing the proposed ban, Russia has seen many of its entrepreneurs relocate to more favorable jurisdictions.
References
- Pete Rizzo Russia's Startups Seek Refuge Abroad Under Threat of Bitcoin Ban // http://www.coindesk.com/ 2014
- Закон о запрете использования виртуальных денег ГД может принять весной // ПРАЙМ 2015 http://1prime.ru/MACROECONOMICS/20140912/791786794.html