Know less, be silent more often: or as in Russia and China, ICO banned

If there is someone in this world who can surprise me every day, then these are state bodies of the Russian Federation: literally today, yesterday, considering the time zone of my own location, I finished the fourth part about the laws that will change the face of domestic IT. Already changed.



But it was not destined: at first, China loudly shouted that the ICO is not only prohibited, but the universal axiom “the law does not have retroactive force” (I am even more confused by the similar reservation of E. Sidorenko in the summer of this year at the Cryptobazar regarding the prospects in the Vast expanses) the case does not apply, that is, everyone is obliged to return the funds to investors. After that, my telegram, facebook, skype & vk broke down: more than 1500 requests in 24 hours are overkill.



But then something completely happened from the world of the program “incredible, but fact”: the Central Bank of the Russian Federation spoke de facto about the ban on ICO and cryptocurrency in Russia. I will speak about cryptocurrencies on Hiktaims, and here I would like to dwell on the general message and the prohibition of ICO.

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Before entering into a discussion with me, let's explore some simple but important facts:

1. In 2014, I had to enter into an unequal struggle with the discussions with the Central Bank of the Russian Federation and on fingers to argue that Bitcoin is not a money surrogate , that the concept of a money surrogate in current regulatory legal acts is not, and there is no penalty for their distribution. What after that did the state. organs? We decided to adopt a law with criminal penalties for involvement in the crypt: first - up to 4 years imprisonment, and then - right up to 7.
2. After such bold but unsubstantiated statements, the business flew from Russia to the Caymans and to other warmer jurisdictions in every sense.
3. In 2016 ... however, the story can be read here : its consequences are such that the Russian treasury lost millions of dollars because of the ill-considered, gently, say, the rhetoric of state bodies.
   
   
4. And here, it would seem: 2017. Yulmart and other well-known players are ready to accept cryptocurrency, Marinichev wants to hold the 100,000,000 ICO itself, even the President himself has appointed an audience to V. Buterin: a working group on blockchain and cryptocurrency issues has been created; in Moscow open training courses in this area; in the Far East, mining takes to the very edge of the foremost forces of the economy ...
5. But no: the Central Bank again de facto prohibits crypto and even ICO .

And after that, it becomes clear to me that every time attempts to whitewash the work of state bodies, to prove that cryptocurrencies are not prohibited on the territory of the Russian Federation, and the ICO is the fresh blood of finance in the localization of sanctions - all this is meaningless, because every time the backstage struggle of individual lobbies -groups will prevail over the interests of business and even the interests of the state itself.



Judge for yourself:

1. In the same 2015, when the Ministry of Finance proposed the most brutal draft about the taboo on the crypto-sphere, and the Ministry of Economic Development criticized it, the Central Bank of the Russian Federation repeatedly stated that it was not ready to take on the burden of the regulator of the new market, which every time put the Ministry of Finance in place.
2. This year we hear the statement of A. Moiseyev, the Deputy Minister of Finance, that access to virtual currencies will be only through the exchange and obviously not among citizens, but literally in a few days - the Information (! Note, non-regulatory) statement of the Central Bank According to the Russian Federation: “Considering the high risks of circulation and use of cryptocurrencies, the Bank of Russia considers premature admission of cryptocurrencies, as well as any financial instruments nominated or associated with cryptocurrencies, to circulation and use in organized trades and in the settlement and clearing infrastructure in the Russian Federation for servicing transactions with cryptocurrencies and derivative financial instruments on them ”.
3. Given that the crypto market has recently almost reached $ 180 billion, and the ICO crossed the milestone of $ 1.5 billion, the budget again loses even the most illusive prospects for replenishing due to this new and certainly huge segment of the global economy. And again, all in an act that has no legal force: here you have both epigonism and pharisaism at a time. It seems to be
   
   and no, they said no, and left hand indentation in case of positive (for crypto) trends,
   
   but in fact they said a tough "no", which few people disobey, especially after the reorganization of even such a bank as Otkritie.

Especially “happy” is this: “Operations with cryptocurrencies carry high risks both during exchange operations, including due to sharp fluctuations in the exchange rate, and in the case of raising funds through ICO (Initial Coin Offering is a form of attracting citizens' investments in the form of issue and sale to investors of new cryptocurrency / tokens). There are also technological risks in the release and circulation of cryptocurrencies and the risks of fixing rights to “virtual currencies”. This can lead to financial losses for citizens and to the impossibility of protecting consumers' rights to financial services in case of their violation. ”



And what about those who already have a real business in Russia? Cheese makers, honey producers, tea suppliers, restaurants, fitness centers (recall the example of banning this type of business due to Bitcoin) and many others who wanted to embark on modern technical advances? After all, it’s not so easy for them to leave for Switzerland or even Estonia ...



The most important thing is that the Central Bank clearly indicated: “The Bank of Russia confirms the position expressed in January 2014 with regard to various private“ virtual currencies ”(cryptocurrency)”. This is the position . I will cite the following summary: “The Bank of Russia warns that the provision of services for the exchange of“ virtual currencies ”for rubles and foreign currencies by Russian legal entities, as well as for goods (works, services) will be considered as a potential involvement in carrying out questionable operations in accordance with with legislation on countering the legalization (laundering) of proceeds from crime and the financing of terrorism. ”



And who after that will want to work with digital money, as their regulator has designated, in white? Apparently, the Swiss.



However, all this is evidence of the main thing: in Russia, any technology will not be able to develop without a unified system for solving legal problems. And no creation of working groups and universities will help if the tone and sharpness of the statements of regulators does not change. At least the experience of 2014-2017. proved that to create a new law from scratch (and this is not a tautology) is simply no one: we did not give birth to the market of it lawyers, and the one that exists is ruining the impetuous gusts of the struggle for power in the most perverse understanding of the teachings of F. Nietzsche.



I hope the messages are clear. What to do with them is up to you.



I also see that such an approach is a litmus, which shows that crypto-enthusiasts need: firstly, not only in theory or individual cases of practice, but also to distribute distributed legal entities everywhere; secondly, to methodically develop an assessment system for ICO-projects and protection from scams ; thirdly, to accept the idea that centralized systems can be built into de-centralized, but not vice versa.



And then everything will turn out and it will be possible to start thinking correctly, that is, for the future.