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PM says bans fail in digital environment

May 16, 13:29 UTC+3

The ruble remains the only legal currency, but one can no longer ignore digital transactions, the premier says

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© Dmitry Astakhov/Russian Government Press Office/TASS

ST.PETERSBURG, May 16. /TASS/. Prohibitions in the digital environment do not work, because one can immediately find ways to circumvent them, Russia’s Prime Minister Dmitry Medvedev said speaking at the International Legal Forum.

"Today, the three of usual methods - instruction, authorization, prohibition - does not work in full. In the digital environment, it is quite difficult to prohibit and enforce the ban. As we see it, in particular, in case of regulations for the protection of intellectual property and a number of other legal institutions," he said.

According to him, the effectiveness of such regulation has its limits.

"The modern law in this sense should be risk-oriented. That means that it should create incentives for certain steps, offer a profitable and convenient model, while leaving the freedom of action," the Prime Minister said.

The ruble remains the only legal currency, but one can no longer ignore digital transactions, he said. 

"The ruble is now and in the future remains the only legal means of payment, but deals in the digital environment are a reality and we can no longer ignore it," he said.

Medvedev stressed that the key components of the digital transactions should be fixed in the legislation, translated in to the language of law.

"Instead of the common slang expressions like "crypto-currencies" and "tokens" legislators are developing more legally strict concepts of "digital money" and "digital rights and some others," the Prime Minister said.

According to him, the new regulations for the digital financial transactions, which are currently being developed by the State Duma, lower house of parliament, will help the authorities ensure judicial protection against abuse, prevent the withdrawal of assets into an uncontrolled digital environment, which is particularly important in combating the legalization of revenues that were obtained through criminal means. It will also ensure a basis to develop a tax system for digital financial sector, Medvedev added.

At the same time, according to Medvedev, attempts to regulate everything in the digital world are not effective and the authorities need flexible legal regulation in this sector that does not hamper its development.

"Attempts to regulate everything in the digital world are absolutely counterproductive and unrealistic, this world is changing very quickly, and we need to have flexible legislation that sets some basic terms, but does not interfere with the development of digital space. How to find this balance is probably the most difficult task," Medvedev concluded.

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