Russian Finance Minister does not Want to Ban Cryptocurrencies

Russian Finance Minister does not Want to Ban Cryptocurrencies

March 6, 2022 0 By Keith Jacobs

The Finance Minister of Russia has recently issued encouraging remarks about cryptocurrency regulations in the country. Over the last few months, the financial and regulatory agencies of the country have been at odds with each other on the subject matter. The Russian President, Vladimir Putin, started as a cryptocurrency cynic before the last year.

However, since 2021 he has accepted the idea of digital assets and seems to be swaying in favor of the cryptocurrency regulations rather than going for a nationwide ban like China. Recently, Finance Minister of Russia, Anton Siluanov, claimed that banning digital assets is like restricting the internet.

The biggest opposition to cryptocurrencies in Russia is the central bank. Recently, local media outlets have reported that the Russian Central bank has been preparing another anti-crypto proposal for presentation next week. However, Forbes recently reported that FM Siluanov acknowledged the threats related to the crypto industry.

He claimed that Central Bank is not overreacting to the matter. At the same time, he emphasized that banning cryptocurrencies is not possible due to the decentralized nature of the market. He drew parallels between the internet and cryptocurrencies to claim that fully controlling their flow is an impossible task for government agencies.

According to a new article published by CryptoPotato, the Finance Minister’s office of Russia is also preparing to charter a new cryptocurrency regulatory bill. By the decree of the new bill, the government will be able to define cryptocurrencies as an analog of fiat or paperback.

To address the matter in detail and remove the communication gap, a high-level meeting was recently arranged. Russian reporters informed that the FM Anton Siluanov, Central bank Chief Elvira Nabiullina, Deputy PM Dmitry Grigorenko attended the meeting. However, there was no consensus at the end of the meeting on the matter of cryptocurrency regulations.