Russian Central Bank, Ministry of Finance to Settle Crypto Policy Differences
The Russian Ministry of Finance says it wants to settle its long-standing crypto policy differences with the nation’s Central Bank.
According to the media outlet RBC, Finance Minister Anton Siluanov said he was “sure” his ministry and the bank would soon “come to an agreement” on crypto regulation-related matters.
Speaking at an event held at a state-run financial university, Siluanov said:
“I am sure that [the ministry] and the Central Bank will come to an agreement. This issue has been discussed for several years. We cannot prohibit the circulation of cryptocurrencies. Therefore, we need to regulate this [market]. I am sure that we will find a solution.”
The Ministry of Finance and the Central Bank have been locked in an unproductive crypto policy-related impasse for years.
The government agency wants to regulate and tax crypto exchanges and traders, but the bank has previously called for a China-style blanket ban.
The ministry tried to break through this impasse in early 2022, when it unveiled a comprehensive draft bill on crypto regulation.
⚡️ Crypto in Russia: More People Using Tokens for Payments, Claims Academic
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— Cryptonews.com (@cryptonews) February 20, 2024
The bank shot back with its own rival bill, proposing an almost total ban on all crypto-related activities.
Neither bill made it past the committee stage at the State Duma, and the crypto sector has remained in limbo ever since.
This led to a downgrading in the nation’s FATF compliance rating last month, and calls from government bodies to fast-track regulation.
However, the war in Ukraine and resulting Western sanctions appear
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