ST. PETERSBURG, May 19 (RAPSI) – Pavel Livadnyy, State-Secretary and Deputy Director of the Federal Financial Monitoring Service of the Russian Federation, has stated in his speech at the St. Petersburg International Legal Forum (LF) that the legal community should propose alternative methods of crypto-currencies regulation.

“We have answered with a draft law on criminal liability for bitcoin distribution, which was prepared by the Ministry of Finance, to the new technologies, which include not only blockchain, but also crypto-currency. Thus, other countries have a little bit different view on the bitcoins. Is it a legal answer indeed, should a law-based society offer other methods of crypto-currency regulation, create conditions for Russian businessmen to generate their own crypto-currencies, that will be as attractive as bitcoin”, - he stressed.

The experts taking part in the Forum have also discussed financial transparency as a necessary condition to fight against legalization (laundering) of money, obtained from criminal activity, and terrorism financing. “As far as this issue is concerned, we have quite an efficient control of certain transactions, however we have a big enemy here – anonymity of computer technologies,” - Pavel Livadnyy noted.

VI St. Petersburg International Legal Forum is held in May 18 – 21, 2016. Plenary session and round tables will take place in the Eastern Wing of the General Staff Building, owned by the State Hermitage Museum. This year the event brings together delegates from over 80 countries. The Forum program includes presentations, open lectures, conferences, and over 50 round-table discussions.