The issue of stimulating long-term bank deposits through increased state guarantees deserves careful study. Indeed, on the one hand, credit institutions will receive much-needed long-term money, and on the other hand, this may result in an increase in their contributions to the deposit insurance system. Anatoly Aksakov, head of the State Duma committee on the financial market, spoke about this in an interview with cryptonewsherald at the St. Petersburg International Legal Forum (SPBILF).. He shared his opinion about the prospect of offers for additional benefits for CBO members and their families, such as increased deposit rates or write-offs of interest for the period of service. He also told whether retail investors will be protected when the production of cryptocurrencies is legalized in Russia.
“There are no significant disagreements between the Central Bank and deputies on the digital ruble”
— The issue of the digital ruble was raised at the SPBILF. What is the status of the bills now? Are there disagreements between legislators and the Central Bank? Will people who will use the new form of money be given the same guarantees as with a non-cash form?
— There are no significant disagreements between the Central Bank and deputies in terms of lawmaking on the digital ruble. A package of two drafts is being prepared for the second reading, amending the legislation in connection with the introduction of the digital ruble.
It is important to note that the status of the operator of the digital ruble platform is legally assigned to the Central Bank and the status of its member. The Central Bank is also given the authority to ensure the smooth operation of this platform and protect the interests of its users.. For example, it is envisaged that he will be able to determine the maximum amount of fees charged by platform participants from users, and the maximum value of the amount of transactions with digital rubles. All in all, The Central Bank will be responsible for the safety of digital rubles and the correct accounting of information on transactions with them.
The second bill makes the necessary changes to the Civil Code, which provide, in particular, attribution of digital rubles to non-cash funds. The draft law includes in the Civil Code provisions on a digital account (wallet) and norms that determine the content of a new type of agreement – a digital account agreement, the procedure and features of its conclusion, as well as the procedure for making payments in digital rubles.
Another draft law on amendments to the Tax Code is being agreed with the Ministry of Finance. Its goal is to integrate the digital ruble into the system of tax regulation and control.
The monthly amount for replenishing the digital wallet will still be 300 thousand rubles.
The Bank of Russia considers the digital ruble as an additional means for payments and settlements, but not for savings. Therefore, interest will not be charged on digital rubles, it will not be possible to take a loan in them, but transfers for people will be free.
Photo: Global Look Press/Komsomolskaya Pravda
— The President set, including before the financial authorities, the task of adapting and creating a friendly environment for NWO participants and their families. How is the work going in this direction, what initiatives of the public and experts seem promising to you? As far as I know, now there are many different offers, ranging from higher deposit rates to the possibility not to pay during the loan holidays, not only the “body” of the loan, but also interest.
— Yes, proposals were made, including from public organizations, to Establish additional benefits for SVO participants and their families in the financial sector. In particular, about increased rates on bank depositspegged to the level of inflation or the key rate, by analogy with special deposits for the low-income.
There are many appeals to public organizations by family members of SVO participants regarding the payment of interest on loans. For example, to suspend all payments on a loan or loan, including interest, and write off all interest accruing over this period for the duration of the SVO. And even extend this measure to pay the “body” of the loan.
The issue of such a write-off in the legislative order is not simple and requires additional study, since, in particular, it involves an increase in the costs of banks.
– A bill on introducing a mechanism of credit holidays on a permanent basis has long been discussed. Why is he stuck? Need corrections?
The deadline for submitting amendments to this bill has been extended. To prepare for the second reading, additional discussion is required on several points. For example, the situation is not taken into account when, at the time of the borrower’s request to provide him with a vacation, a grace period is already in effect in relation to the loan agreement. These norms need to be clarified and provide for the necessary changes in federal laws. In addition, the list of documents contained in the draft law confirming that the borrower is in a difficult life situation does not fully take into account possible documents that can confirm a decrease in income. This, for example, is a certificate of the amount of the accrued pension, if a person is on a well-deserved rest, and others.
Photo: cryptonewsherald/Alexey Maishev
– Also in the category “about to be adopted” was a bill that allows banks to block accounts from the category of discredited, noticed that money is being transferred to them as a result of fraudulent activities. When can we expect it to be accepted?
– It is now being finalized by the working group of the Central Bank, taking into account several comments that are not of a conceptual nature, the federal executive authorities. I think that in May it will be considered by the committee in the second reading.
“The idea of replacing both types of existing IIS with a third one is unlikely to meet the understanding of investors”
— What other important initiatives aimed at supporting consumers of financial services are on the way?
— A draft law on special contributions for low-income people who receive social assistance from the state is being prepared for submission to the State Duma. It was approved by the relevant ministries. The interest rate on such a deposit can be tied to the inflation rate or the key rate, and the amount should not exceed 100 thousand rubles. A draft law on IIS-3 is expected to be introduced in May (individual investment account).
Photo: cryptonewsherald/Konstantin Kokoshkin
– The position of the Ministry of Finance on the issue of IIS-3 is that this tool will replace IIS-1 and IIS-2. Do you agree with this, because they provide an opportunity to receive incentives from the state when investing for a short period. Don’t all IIS complement each other?
— What individual investment accounts of the third type will look like is still not known exactly. Changes in the legislation are still at the stage of preparation for submission to the State Duma. Therefore, it is too early to talk about the advantages and disadvantages of the proposals of the Central Bank and the Ministry of Finance.
However the idea of replacing both types of existing IIS with a third one is unlikely to meet the understanding of investors and the desire to use it as widely as the short-term versions.
The proposed 10-year time frame is quite long, especially given the current uncertainty in the Russian markets. Blocking funds for such a period without the ability to promptly dispose of them is unlikely to suit the participants, even counting on favorable conditions for tax benefits.
Dramatic changes in the IIA program, adopted less than 10 years after its launch, make participants wary of more reforms before the expiration of the third type of accounts. And it is obvious that having a line of IIS with different planning periods is attractive for an investor.
“PDS will not solve the problem with the gap in raising funds and payments in the pension market”
– Recently, the State Duma received a bill on the program of long-term savings (PDS). How do you assess the prospect of its adoption? What amendments can be made to the second reading? Will the law go into effect next year?
— The bill was sent to the State Duma Committee on the financial market only on May 3. It will be circulated shortly for feedback, suggestions and conclusions. This document is voluminous, consists of 150 pages, 24 chapters and amends 21 federal laws.
In addition, since the bill is important and landmark, it will require a comprehensive discussion. Therefore, it is still premature to talk about amendments that can be introduced for the second reading. But the bill is a priority, so I am sure that it will be adopted this year..
Photo: RIA Novosti / Natalia Seliverstova
– Under the PDS, it is planned to establish an increased insurance coverage in the state guarantee system – 2.8 million rubles. It is clear that this is done so that it can compete with deposits for the money of the population. But banks have long been fighting for long-term deposits. Are there any plans to establish an increased level of guarantees for long-term and large deposits? By the way, this would reduce the risk of withdrawing money from accounts at times of financial turbulence.
— The idea of stimulating long-term bank deposits deserves careful study. However, in order to ensure the sustainability of their compulsory insurance system, a detailed assessment of the financial implications of a possible increase in the reimbursement limit for the fund is necessary, as well as precise definition of the sources of its financing.
An increase in the maximum amount of insurance compensation may entail a revision of the mechanism for determining the amount of contributions to the mandatory deposit insurance fund. And, let me remind you, it is formed at the expense of bank contributions, and in case of a lack of funds in the insurance system, at the expense of the federal budget.
– The Ministry of Finance will not separately solve the problem of savings in the OPS. Do you think this is correct? Do legislators have plans to take the initiative to abolish this system?
— The need for changes arose after 2014, when funds stopped flowing into the system due to a moratorium on pension savings. I note that changes in the pension system the new long-term savings program does not imply. Their points of contact are that accounts will be opened with NPFs, and also that earlier, that is, before 2014, the formed pension savings in NPFs can be directly transferred to the new system.
Besides, The Ministry of Finance and the Central Bank hope that due to the new program of long-term savings, it will be possible to at least partially solve the problems of the OPS.
However, many experts believe that this is just a delay in the process and the issue of mandatory pension insurance savings will still have to be returned to in the future. After all, PDS will not solve the problem with the gap in attracting funds and payments in the pension market. Because payments will increase every year. At the same time, the VCP will not provide sufficient income to the system in the form of voluntary contributions.
Photo: Izvestiya/Zurab Javakhadze
“If a law on mining is to be adopted, then the codes must be amended in parallel”
— Large discussions at the SPBILF were also caused by the legalization of cryptocurrency mining. Indeed, there are many questions. For example, what currencies will be used for cross-border transfers and how will retail investors be protected from a risky asset?
– Currently The State Duma is considering three bills on the regulation of cryptocurrencies in the countrywhich relate to mining, experimental legal regimes (EPR) in the field of digital innovations in the financial market and taxation of digital currency. Besides, issues of establishing liability for violation of the new regulation are being worked out.
The position of law enforcement agencies is that if a law on mining is adopted, then it is necessary to edit the codes in parallel (CAO, CC, CPC) in terms of establishing a measure of responsibility, including criminal, for violations and illegal operations in the cryptocurrency sphere. However the position of the government on amendments to these codes has not yet been fully formed and these issues are currently being finalized.
In addition, due to the fact that the bill on miners is closely related to the bill on EPR in the field of digital innovation, they need to be considered and adopted in one package.
As for the protection of retail investors, the use of cryptocurrencies as a means of payment in Russia is prohibited. The sale of digital currency mined by miners is possible only outside the perimeter of our country or through special experimental legal regimes. Through the EPR, from the point of view of the Central Bank, the issue of using cryptocurrencies for cross-border settlements can also be resolved. And the list of cryptocurrencies used for this has not yet been determined.