Regulation of Digital Currencies Is Somewhat Redundant, Official Says

Deputy Finance of the Russian Federation Alexei Moiseev said that there are several areas in Russia where regulation is excessive, with digital currencies in the first place.

The deputy head of the department noted that digital rubles are electronic cash and that they should be treated like money that is stored in safe deposit boxes. The digital ruble is the direction in which the whole world is moving, said Moiseev.

Moiseev also noted that recently misselling has become widespread when citizens are sold what they did not plan to acquire. To prevent this phenomenon, the Central Bank and the Ministry of Finance are taking measures to improve the financial literacy of the population, he said.

In addition, the Deputy Minister spoke about the need for a clearer distinction in the legislation of the concept of qualified and unqualified investors. According to him, this is necessary so that so-called defrauded investors do not appear in Russia.