Investigative Committee of the Russian Federation: the recognition of Bitcoin in Russia is fraught with the collapse of the financial market

Photo: AP Photo / Mark Lennihan

According to the representative of the main organizational and inspection department of the Investigative Committee of Russia (TFR), George Smirnov, the recognition of cryptocurrency in Russia can lead to unpredictable consequences on the country's financial market. A similar effect can have the beginning of the legal free circulation of bitcoins, write “RIA Novosti”.

“What consequences can the unlimited emission of money substitutes for the financial system bring?” The expansion of the money supply due to surrogates, if they become widespread, can lead to unpredictable consequences in the money market. And they will become widespread because they have a competitive priority over (official) money, ”Smirnov said during a speech in the State Duma at a meeting of the working group on legal regulation of the issue and circulation of cryptocurrency in Russia.

According to him, the department does not agree with the fact that cryptocurrency is an analogue of the existing world payment systems. “They provide the movement of legitimate legitimate money, it is actually flowing from one account to another. And cryptocurrency is a tool that is not secured by any asset, either basic or derivative. Therefore, it can be considered as a speculative tool, ”Smirnov commented on the situation.
')
“Therefore, we and other departments in order to ensure the financial stability of the ruble are in favor of prohibiting the circulation of cryptocurrencies as a money surrogate, that is, a means of payment provided for by the legislation of the Russian Federation. And naturally, it is necessary to introduce criminal liability, taking into account the public danger of the consequences that may occur, they can be very serious, ”he explained the official position of the department.

At the same time, the deputy director of the Central Bank’s settlement regulation department, Andrei Shamrayev, said that the Bank of Russia is against cryptocurrencies, but the organization supports the use of blockchain technology.

“Cryptocurrency is a surrogate, which, from the point of view of its legalization, entails a number of serious consequences. At the same time, the blockchain technology, which can be used for a variety of useful purposes, transformed into a banking system and a financial market, is the direction in which to move, ”explained Shamrayev.

The fact that Bitcoins represent a certain danger, agree and other departments. For example, the deputy head of the Federal Search Service Federal Drug Control Service, Dmitry Buyanov, said that in Russia over the past two years, drug dealers have begun to use bitcoin 20 times more often to carry out transactions for the sale and purchase of narcotic substances.