The PSB stated the need for legislative regulation of cryptocurrencies

The law on the regulation of cryptocurrencies being prepared in Russia should regulate the activities of market players and contribute to the development of the national payment infrastructure. This was stated by Mikhail Dorofeev, Deputy Chairman of the PSB, acting as co-moderator of the session "Legalizing the turnover of cryptocurrencies in Russia: legal certainty and economic necessity" within the framework of the XIV St. Petersburg International Legal Forum.

"Legislation regulating digital currencies is just beginning to take shape in Russia — at the moment, a bill has been prepared that, as the entire market expects, will make cryptocurrencies a means of payment without any reservations. The adoption of the law will regulate the activities of players in this market, including determining the operating procedure of Russian exchanges in the digital currency market, regulates cryptocurrency settlements between banks, as well as foreign transfers of Russian investors using modern financial technologies, the purchase of cryptocurrencies on foreign platforms and other operations," Dorofeev said.

At the same time, he noted that the global financial market is developing along the path of transition from a single international payment system to a network of independent payment institutions, such as regional and subregional ones.

"And we need to create a Russian payment infrastructure based on existing fintech developments, and we need to create a non-dollar payment infrastructure that would easily integrate into the currently decaying unified payment system. It is important that the upcoming law on the regulation of cryptocurrencies indirectly achieves this goal," Mikhail Dorofeev summed up.