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Digital currencies may help to dodge sanctions - state duma official

Digital currencies may help to dodge sanctions - state duma official
Cryptocurrency trading, as well as initial coin offerings, may open the door to circumventing anti-Russia sanctions for investors willing to finance big projects in Russia, according to a Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov.

"I think these new instruments - cryptocurrencies and ICO - create an opportunity for dodging sanctions for those who want to financially participate in Russian projects, including those in Crimea," Aksakov said.

According to the official, who supports the idea of legalizing digital currencies trading, ICO may be applied to the whole range of projects currently implemented in Russia.

Aksakov stressed the information on those who invest in tokens, which are issued through an ICO, is commonly codified.

"Thus, you may avoid consequences tied to anti-Russian penalties," he said.

All the problems connected to regulating of cryptocurrencies markets could be easily solved by starting a pilot project of cryptocurrencies trading on the exchange, according to Aksakov.

The committee headed by the official is working on a strategy for regulating the digital currencies market, with proposals to be published by the end of the month.

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