13
February2018
Boris Titov: cryptocurrencies should be regulated by the state in the same way as foreign currencies

Boris Titov: cryptocurrencies should be regulated by the state in the same way as foreign currencies

Boris Titov, business ombudsman of the Russian Federation, believes that the use of all types of cryptocurrencies in Russia should be governed by the same rules as the use of foreign currencies. Such a statement was made on September 13, RNS reports.

The ombudsman stressed that the right to buy and use cryptocurrencies, as well as their exchange to any other currency (including the ruble), should be available to any Russian citizen. However, the state shouldn’t allow to use digital money as a mean of payment on the domestic market, at least at first. Therefore, the turnover of cryptocurrency in the territory of the Russian Federation should be conducted according to the same norms as that of any other currency.

As for the security of cryptocurrency transactions, he said that it should be provided by the state similarly to the security of traditional financial flows. Crypto wallets should have a personal number and be bounded to the owner's passport data.

According to the ombudsman, ICO as the way of attracting investments should be recognized, since it has great potential. However, Mr. Titov noted that the activity also requires state regulation.

 

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