Russian parliament plans to review a bill that legalizes cryptocurrencies this September. According to Elina Sidorenko, the head of the parliament\u2019s working group of cryptocurrencies, the bill, however, does not include provisions as to tax regulation of virtual money.<\/p>\n
Speaking at a blockchain meetup in Kazan, she said that legal development of cryptocurrencies and emergence of regulated exchanges would promote convertibility of Ruble. She also noted that any taxation would scare market players away.<\/p>\n
\u201cWe could introduce taxation later, but not now,\u201d <\/strong>she said.<\/p><\/blockquote>\n
If the bill is passed without amendments, law enforcement won\u2019t oppress miners as well \u2013\u2013 as long as they don\u2019t exchange digital currencies for fiat.<\/p>\n
Sidorenko noted that the legalization bill should protect market players in the first place. In the future, the government will regulate ICO and smart contracts. The bill does not attempt to control blockchain, even though the Russian government has some plans to introduce the technology to state ledgers and medical services.<\/p>\n
\u201cBlockchain is a technology that shall not be regulated in any case. Regulating a technology means excluding its future development. Blockchain is at the active development phase, and if we introduce any regulation now, we\u2019ll just hamstring the people who work in the industry. The main thing for us is to introduce some guarantees of freedom for people involved in the turnover of blockchain products,\u201d <\/strong>Sidorenko said.<\/p><\/blockquote>\n