Russia’s Finance Ministry Wants Crypto Regulation not ban

Oluwapelumi Adejumo
Updated: Jan 27, 2022, 16:38 GMT+00:00

A survey carried out in Russia shows that respondents between the ages of 18 and 44 don’t want the government to ban crypto.

Russia’s Finance Ministry Wants Crypto Regulation, Submits Framework

To regulate or ban crypto? That’s the question in Russia, where two government bodies have differing opinions.

The Finance Ministry has submitted proposals to regulate crypto and sees a future where crypto users facilitate transactions through banks. This is coming only a few days after the Central Bank of Russia called for an outright crypto ban

Russia’s Finance Ministry is Against Crypto ban

An official at Russia’s ministry of finance, Ivan Chebeskov, claimed that regulation is the logical step for crypto rather than an outright ban. 

According to him, the government should allow the industry to develop and compete against others, as a complete ban might lead to Russia losing out in the crypto technology race.

RBC, a local media house in Russia, reported that the ministry had sent an official crypto regulatory framework to the deputy chairman of the Russian Federation, Dmitry Chernyshenko. 

Part of the suggestions in the proposal is for crypto operations to be integrated with the traditional banking structure. It also called for mechanisms that strip crypto of its anonymity so that traders’ data can be identifiable.

The ministry listed several benefits of such regulations, including the possibility of tax generation and improved ability to track criminal activities. 

Notably, the central bank is working on a digital Ruble CBDC project which is already in the pilot stage.

Russians Don’t Want Crypto Ban too

Available information has shown that the ministry of finance is not the only one against the ban. A survey carried out in Russia shows that 32% of the citizens oppose the crypto ban.

A cursory look at respondents between the ages of 18 — 44 will reveal that the majority of them are against the central bank proposed plan as they are acquainted with Bitcoin and other digital assets.

This view is also shared by Telegram’s founder, Pavel Durov, and a top official of the opposition as they recently urged the apex bank to rethink its stance towards the space.

It is important to note that Russia has had a neutral approach towards the crypto industry. President Vladimir Putin has made several pro-crypto statements in recent times as he recognizes the potential the space holds.

About the Author

Oluwapelumi is a firm believer in the transformative power power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas about how the industry could play a pivotal role in the emerging financial system. When he is not writing, he is looking to meet new people and trying out new things.

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