Sunday, October 1

Russian Finance Ministry to Review Cryptocurrency Regulation

A few days after the Central Bank called for the ban, Ivan Chebeskov said that the authorities should give the industry a chance to develop and that an outright ban may leave Russia behind in the technology arena.

RBC reported that the ministry sent a letter to Dmitry Chernyshenko, Deputy Chairman of the Government of the Russian Federation, and officially submitted a regulation proposal to the government.

Precisely there they create a framework for the use of cryptocurrencies in which they suggest that transactions are carried out within the traditional banking infrastructure, with mechanisms to identify the personal data of traders.

According to the ministry, Cryptocurrency regulation can bring multiple benefits, such as increased tax revenue and improved law enforcement ability to track criminal activity.

The ministry cites statistics showing that Russian citizens hold cryptocurrencies worth around 2 trillion Russian rubles, adding that an outright ban or lack of regulation will ultimately undermine the sector and create a black market.