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CBR is for cryptocurrency regulation, criminal liability will not be

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On 13 and 14 October in Kazan, is holding the forum of innovative financial technology Finnopolis 2016. One of the sections of the event was devoted to blockchain technology, including, was discussed future of cryptocurrency regulation in Russia. Chairman of the Central Bank of the Russian Federation Elvira Nabiullina, Chairman of the Board “Sberbank” German Gref, President of the Republic of Tatarstan Rustam Minnikhanov spoke at the plenary session of the forum.

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According to the post of Artem Tolkachev on Facebook, head of legal services to technology projects in the Deloitte CIS, as well as chairman of the board of public organization, cryptocurrency regulation will be actively discussed in the next year.


Deputy Chairman of the Central Bank of the Russian Federation Olga Skorobogatov, head of the Working Group on blockchain and crypto currencies of the Central Bank of Russia, said that criminal responsibility for the cryptocurrency production and turnover will not be in Russia.

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During the year, the established by the Bank of Russia working group will present issues of the cryptocurrency legal status in Russia and the creation of a legislative framework to regulate cryptocurrencies and blockchain. The first results can occur within a few months.


Olga Skorobogatov: “We still have not come to one definition. Once we understand what it is, we will give suggestions on how and what to adjust. “


“Of course, this is not a tool that could be safe. On the other hand, it will provide an opportunity at the level of new technologies to use cash directly as virtual, but legitimate, understandable, calculated “.


The Central Bank also continue to discuss the possibilities of creating a state cryptocurrency, so-called “digital rubble” or “bitrubble” – the term appeared after trying Qiwi payment system to run cryptocurrency in autumn 2015. The initiative has met the strong opposition the authorities and initiated the creation of the bill that prohibited cryptocurrency in Russian. But, according to last statements of the Central Bank and Ministry of Finance, this project could be considered actually as buried.


Olga Skorobogatov: “The world trend is to look and invest in understanding how to make the national digital currency, because it is safe for the country and for the citizens. I think that in the next two or three years, this topic will be actively developed, and the Bank of Russia is also studying pros and cons of the topic. “

On Finopolisa 2016 also spoke Elvira Nabiullina. She said that as the market develops financial technology, the Bank of Russia will be forced to change the regulation ideology.

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“For a while, the traditional banking services will still be in demand, but more and more customers prefer new technologies. The demand for them is growing rapidly, and the banks should be ready for it. Use your chance to be transformed, or to leave as institutions – depends on them, “- said the head of the Central Bank.


“The banking system is challenged, to which it must respond. Will banks integrate technology or remain supporters of traditional services, considering that they have their own client and on it, they (banks) will concentrate. “


Elvira Nabiullina said that for the regulator of financial technology – is no less a challenge, “if not even more.”


“We are the regulator not only the banking but also the financial system. And we must take this into account. Traditionally, conventional regulator believes that its regulation protects the rights of depositors, creditors, while it limits the risks of financial institutions, regulating institutions with certain prevailing characteristics “, – she noted.


According to her, now financial institutions are changing rapidly, they introduce new technologies and services. Traditional controllers do not have time to explore them, so the number of documents that change by regulation and supervision, are increasing in geometrical progression.


“While the financial technology is not so scaled, we should not give them control. New technologies need to be developed, and we have to contribute to this “, – said the head of the Central Bank.