Russia: draft law provides for stricter regulation of Bitcoin
In an Interview with Interfax, Alexei Guznov, Director of the legal Department of the Central Bank of Russia said that the Bank wants to introduce because of the inherent risks restrictions on Bitcoin and other crypto-currencies.
According to Guznov, the Central Bank of Russia has finished a draft of the law on digital of financial assets, the impact on Bitcoin and crypto-currency:
We are against the institutions that organize the production of [the Mining] of crypto-currencies in Russia. We are, however, that there are institutions that organize the Emission of crypto-currencies and the circulation of crypto-currencies easier. But if a Person has a due Bitcoin, do not complete your transaction in a Jurisdiction that prohibits this, we will not be able to stop you from likely to it.
Guznov cited a scenario in which a married couple owns together, Bitcoin, decides to divorce. He says it could occur problems in the enforcement of the division of digital property and how the courts, such a decision could enforce, as Bitcoin censorship was resistant, and the people (or the Person with the private keys) full control over the possession of grant.
The Problem with crypto-currencies and crypto-Assets, and this is not only our Problem, is that it is not very clear how the enforcement of court decisions is ensured. One spouse buys, for example, crypto-assets for the entire amount of the income and keep it in a crypto Wallet. There is a dispute over these assets, for example, in the context of divorce proceedings, and the court says arises: “Yes, the entire proceeds must be shared”. The court is even willing to adopt an enforcement order.
And then I look at the bailiff, who will try on the basis of this enforcement order to do anything. But where, to whom, with what? To oblige a Person who has a key, a crypto-Wallet to provide an access key? Theoretically, this is possible, but you can say: “Oh, I forgot about it. Oh, I lost it. Unfortunately, a lot of crypto-if there is already data in Wallets, whose access key is lost, which in itself leads to problems.
We can’t ignore this, and therefore, the design includes the obligation of the operator of the information system, in which the release of the digital of financial assets is performed, and, if necessary, to allow access to these facilities. Technologically, this is, as my colleagues say, it is possible, even if this is perhaps a little contrary to the ideology of the infamous Bitcoin, which is based on anonymity and the fact that no one except the owner can access the corresponding conditional property in the Form of Bitcoins in a Wallet.
The two years ago for the first time introduced the draft law clarifies the support for digital assets, such as securities, in contrast to crypto-currencies. He defined the basic infrastructure for the issuance and the circulation of digital financial systems, the organization of information system and stock exchange operators and the regulation of these institutions and their managers. Guznov says that there is the possibility to use digital financial assets are secured by the property, and stablecoins to move around value and money between the parties, further create problems.
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