Saturday, June 10

Russian Finance Minister Advocates Appropriate Regulation Instead of Banning Cryptocurrencies in the Country

For Angel Di Matteo @shadowargel

Completely contrary to the position of the Central Bank of Russia, the Minister of Finance believes that the best path is to regulate cryptocurrencies instead of prohibiting them in the country, since these technologies have potential that could serve the benefit of the nation.


The director of Ministry of Finance of Russia, Ivan Chebeskov, recently spoke in favor of an appropriate regulation for cryptocurrencies in the country, offering a totally opposite panorama to the one proposed by the central bank who is in favor of definitively banning them.

Minister of Finance in favor of regulating cryptocurrencies

This was indicated by Chebeskov during a conference dedicated to addressing cryptocurrencies that took place today. The official revealed that the ministry he heads has a regulatory proposal for these assets, but is awaiting a response from the government.

In this regard, Chebeskov commented:

“We need to give these technologies a chance to develop. In this sense, the Ministry of Finance actively participates in the development of legislative initiatives regarding regulation for this market”.

As such, the head of the Ministry of Finance has been characterized by having a much more open stance towards cryptocurrencies, since he has experience in the area and is more focused on the benefits associated with the use of these technologies. In the past, Chebeskov has spoken out in favor of digital currencies, even going so far as to propose the idea of ​​a crypto ruble to compete against others. CBDC in development, as is the case of China with its digital yuan.

The posture of Central Bank of Russia

Chebeskov’s comments come into place a week after the Central Bank of Russia The central government was recommended to ban cryptocurrencies in a recently published report.

The report in question, entitled “Cryptocurrencies: trends, risks, measures”, was presented during an online press conference with Elizaveta Danilova, director of the Department of Financial Stability of the Bank of Russia.

The report highlights negative aspects associated with cryptocurrencies, among which are the volatility of their prices and the use of said assets in illegal activities. The idea of ​​banning them is mainly aimed at preventing residents from relying on them to take their money out of the local economy, which could undermine the country’s finances and make the regulator’s job more difficult.

political tensions

Leaving aside the aspects associated with cryptocurrencies, Russia is currently dealing with a rather tense scenario in relation to Ukraine, a country that, although it openly says that it does not plan to invade, maintains its border with a strong military presence in the face of a possible war scenario.

Tensions have been growing due to the mobilization of troops to Eastern Europe by the OTAN, military coalition mainly led by the US, precisely in response to a possible Russian invasion of Ukraine, a country that is of strategic importance from the geopolitical stage for them, with which relations have been tense for several years.

Recommended reading

Fountain: Cointelegraph, archive DailyBitcoin

Angel Di Matteo version / DailyBitcoin

Picture of Unsplash

WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.