MOSCOW, January 12 (RAPSI) – Russian government’s work on legal regulation of cryptocurrencies is non-systemic and uncoordinated, Russia’s business ombudsman Boris Titov said on Friday.

According to Titov, the Ministry of Finance has recently drafted a bill on cryptocurrencies, in its turn the Ministry of Labor clarified the status of these currencies when they constitute a component of assets owned by state officials, and the Central Bank has also made known its opinion on the matter. Nevertheless, Titov says, the concepts developed by the agencies differ widely and lack coherence, what makes state policy in the digital sphere look ambiguous.

The ombudsman noted that on his request experts had developed a concept of legal regulation in the sphere of digital products based on the blockchain technology; however, according to him, state agencies have not officially replied to it yet. The new suggestions are centered on the creation of opportunities for development of blockchain technologies in Russia, Titov said.