The Internet Ombudsman is pessimistic about the regulation of cryptocurrencies

Despite the growing interest of Russian officials in cryptocurrencies like Bitcoin (BTC), the Russian Internet Ombudsman expressed confidence that local cryptocurrency regulations will remain largely prohibitive.

Dmitri Marinichev, The Russian Ombudsman for the Protection of the Rights of Businessmen under Russian President Vladimir Putin discussed on Wednesday Russia’s Approach to Cryptocurrency Regulations on a panel discussion at a major local industry event, Blockchain Life 2021.

Russia will continue to take a restrictive stance on crypto as the Russian government does not want Russians to make money from Bitcoin. Marinichev said:

“I’m sure that Russian crypto policy will always be prohibitive because nobody wants Russians to make money from cryptocurrency operations, and nobody will ever allow them to make payments with money other than the ruble. It is important to be aware of this. “

The Internet Ombudsman is pessimistic about the regulation of cryptocurrencies
The Internet Ombudsman is pessimistic about the regulation of cryptocurrencies

Marinichev also argued that Russian cryptocurrency laws, including the country’s first law focusing on cryptocurrencies, “About digital financial investments” (DFA), they have nothing to do with individual investors and have been taken over by large corporations and state-supported companies due to strong demand.

“The DFA Act is only aimed at large companies and has nothing to do with the sector. It has not affected the common people and enthusiasts of the cryptocurrency and blockchain industry “, argued the ombudsman. He noticed that too Energy prices in Russia are not as attractive to cryptocurrency miners as they claim that the United States has the “cheapest electricity” in the world.

Marinichev was appointed Russian Internet Ombudsman by President Putin in 2014. The official appeared to have been heavily involved in the cryptocurrency industry and proposed the use of cryptocurrencies by residents of Crimea in 2017. He also planned to rebuild his metal factory. Russian mining company, in a cryptocurrency mining facility in 2019, hoping to mine 20% of the world’s bitcoin.

Marinichev’s comments on Russia’s cryptocurrency regulations follow the growing interest in the country’s local governments in crypto, with some ministries suggesting mining bitcoin with associated gas. At the same time, the Russian government remains skeptical of Bitcoin when it comes to the interests of its own residents, as the Bank of Russia tries to block certain transactions on cryptocurrency exchanges.

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