In a new twist to the saga of cryptocurrency regulation in Russia, the country’s Ministry of Finance has presented an initiative that contrasts with the strict position of the central bank.
The Central Bank of Russia has recently called for a ban on cryptocurrency trading and mining activities throughout the country. Citing volatility, environmental impact and use in illegal activities, the central bank released a report calling on regulators to enforce an outright ban and impose strict penalties on offenders.
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However, the proposal was opposed by the Russian Ministry of Finance. A few days after the central bank called for the ban, Ivan Chebeskov, a ministry official, stated that the government should regulate cryptocurrencies rather than ban them outright. Chebeskov said authorities should give the industry a chance to develop and that a complete ban could leave Russia behind in the area of technology.
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