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Rosfinmonitoring considers that cryptocurrencies are dangerous, and the Central Bank creates a sandbox


Russian regulators’ concern upon the influence of new technologies, including cryptocurrencies, on the development of the economy, is reflected in divergent utterances and actions.


According to Paul Livadniy, Deputy Director of the Federal Financial Monitoring Service, the cryptocurrency market is dangerous to the financial stability of the Russian economy, and may even have a devastating effect. Therefore, the cryptocurrency market should be regulated by the Ministry of Finance and the Bank of Russia.


Livadniy believes that currencies with uncontrolled emissions pose a threat to the state because they do not provide methods to fight with inflation, a balance of payments management, and so on.


“It can be considered as a challenge to national sovereignty, through face-off into the economy common equivalents, the amount of which is not governed and that are not supported by real values. The result was marginally the US financial crisis when the payment obligations completely not correlated with the real solvency of the economy and the population and to the number of real assets. “


How we can bind tightly programmed and pre-known cryptocurrency emission with uncontrolled inflation of the mortgage “bubble” in the US economy, Livadniy did not explain.


The Bank of Russia starts a “sandbox”


On the other hand, the Central Bank is trying to create an atmosphere for learning new technologies, including blockchain. For these purposes was planned to create a special regulatory regime for banks and other financial institutions. In such circumstances, they can out of third-party intervention test innovative technologies. On 21 September, at the Forum “Internet + Finance” on behalf of the Bank of Russia deputy chairman Olga Skorobogatova published info about the creation so-called regulatory “sandboxes.”


The regulatory “sandbox” implies the creation of a special regime for financial market participants, for testing new technologies in a pilot mode without the applying sanctions and other measures. That is, market participants are taking part in this experiment have no risk to violate the country’s laws.


“These conditions relate not only to banks but also other market participants”, – said the representative of the Central Bank.

During the experiment, they will help regulators to study the mechanism of innovation and make the right decision. The start of the “sandbox” is planned in 2017 and has nothing common with the establishment of FinTech consortium in July 2016.


Due to the fact that the present laws do not require multiple operations and concepts (for example, crowdfunding) conducted by the modern market, the introduction of a special regime would help to serve many legal issues.


Alexey Degtyarev, head of e-business unit of BIN, said that customers of “sandbox” banks-participants  will also receive a unique set of advanced services, especially remote. These include the identification of a client with a help of a smartphone and others.


The main tasks for today are the simplification of the identity, the interbank payment system, and the lending process. It is unknown if start-ups could use the “sandbox” terms associated with the applying of blockchain to create payment instruments.