Mishustin saw a threat to financial institutions in cryptocurrencies

  • The state must become a digital platform so as not to be influenced by large technology corporations

  • Popular cryptocurrencies threaten financial institutions, Mishustin said

  • The head of government actively supports the transition of the state to digital

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The head of government saw a threat to the stability of central banks due to the proliferation of digital financial assets

Russian Prime Minister Mikhail Mishustin believes that the rapid rise in popularity of cryptocurrencies poses a threat to all financial institutions, including central banks. The head of government said this at a meeting of the Valdai discussion club.

Mishustin saw in cryptocurrencies ...

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The Prime Minister believes that global digitalization has reached such a level that large corporations are already “threatening the regulation of countries.”.

“… today cryptocurrencies, all digital derivatives, financial assets that are actively used by the younger generation pose a threat to both central reserve systems, central banks, and financial institutions,” Mishustin said.

At the same time, the head of government stressed that the state should keep up with global trends and become a digital platform “in the good sense of the word”:

“… if it [the state] does not become a digital platform, the threat to the existence of many states today comes from large digital giants.”.

Mikhail Mishustin has long been known as a person with progressive views, actively promoting the idea of ​​digitalization of the state using modern technologies. Back in early 2020, at a meeting with parliamentary factions before voting on his candidacy, he said that Russia needs reforms that will make the state a “digital platform designed for people.”.

Adherent of digitalization

On a practical level, Mishustin also proved his commitment to his ideas when, as the head of the Federal Tax Service (FTS), he transferred the department to digitalization. It is noteworthy that even after Mishustin left the post of head of the Federal Tax Service, the department continues to adhere to the course of switching to digital, having previously reported on the successful use of blockchain technology..

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However, despite the path to national digitalization, some domestic regulators are actively trying to tighten the regulation of the cryptocurrency market as much as possible. At the end of September, the Ministry of Finance of the Russian Federation prepared new versions of draft laws on the regulation of the cryptocurrency market.

What benefits does the digital platform offer?

In them, the Ministry of Finance proposed to punish a criminal article up to three years in prison for failing to declare a cryptocurrency wallet with a turnover of over 1 million rubles per year..

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