Russian FM says No to Crypto Ban
Russian Finance Minister Anton Siluanov said that cryptocurrencies should not be banned as advocated by the central bank, but instead, the government should fix the ongoing crypto regulation predicament.
The ban proposed by the Bank of Russia stated that cryptocurrencies trading and mining could potentially cause financial instability, but the financial ministry contradicted the proposal and President Vladimir Putin called on authorities to find a consensus.
The argument between the finance ministry and the central bank regarding cryptocurrency regulation in Russia has been ongoing for a year and the government is now expected to work on a solution to clarify the status of crypto in the country.
«We will go to our superiors with these disagreements to try to solve the discords,» Siluanov told reporters.
In order to gain a better advantage in this debate, later this week, the finance ministry will file its proposals to the government on how to regulate cryptocurrencies.
The finance ministry of Russia believes that crypto mining should not be banned, but legalisation and taxation should be introduced, while banks and bourses should identify participants trading in the cryptocurrency market.
Reuters reported that Russians have used cryptocurrencies in annual transactions worth about $5 billion.
Siluanov said:
«If we ban cryptocurrencies, then we need to ban the internet. We don't use the methods that China uses,»
While, the Bank of Russia has called for a further adjustment of its cryptocurrency regulation, pointing to the experience of India and China — who in September last year intensified its crackdown on cryptocurrencies with a blanket ban on all crypto transactions and «mining».
Meanwhile, Valeriy Lyakh, head of the
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