MOSCOW (Realist English). The Central Bank of the Russian Federation reported that they will test the cryptocurrency for international settlements within the framework of an experimental legal regime.
Of course, specific companies were not named. After all, the main function of such transactions is to bypass Western sanctions when paying for imported goods and technologies. Iran has achieved outstanding success in this field, having managed to bypass the technological blockade with the help of the financial blockchain and build a powerful economy on the foundation of reverse engineering (industrial copying of machine parts).
With such a centralized and conscious policy, cryptocurrency becomes a super-effective means of appropriation of intellectual property. We emphasize: centralized and conscious. But with this, it has not yet been settled in Russia. Therefore, the bill on the use of cryptocurrencies for international settlements, which has been expected to be adopted before the end of the year, still failed to be agreed upon.
There is a danger that it will be shelved. Or they will accept it for other ignoble purposes. The whole point is not the crypt, but the purpose for which it is going to be legalized. And it can be legalized in the Russian Federation banally for the sake of uncontrolled parallel imports (without any dreams of sovereign industrial development). It’s not Iran here… And in this case, this legalization will become another channel of capital leakage abroad and a corrupting factor.
In our opinion, the clause “for international settlements” in the bill is not enough. There should be a phrase “only for international settlements” with a mandatory indication of the purpose of these international settlements — “purchase of products and technologies intended for re-engineering”. Otherwise, it’s a wasted effort.
In September, Prime Minister Mikhail Mishustin instructed the Ministry of Finance, the Central Bank, Rosfinmonitoring, the Federal Tax Service and the FSB to develop a unified position on the laws governing mining, as well as the issuance and circulation of digital currencies by the end of the year. Midnight is approaching, but there is still no unified position…