Fun

Banning Crypto Is Like Banning Internet in Russia, Finance Minister Says Amid Differences With Central Bank

News Feed - 2022-02-18 06:02:10

Banning Crypto Is Like Banning Internet in Russia, Finance Minister Says Amid Differences With Central Bank


It’s impossible to ban cryptocurrencies in Russia, the country’s minister of finance has stated in his first comments on his department’s latest disagreements with the Russian monetary authority. The two institutions are reportedly failing to reach consensus on crypto regulation but the treasury intends to submit draft legislation despite their differences. Disagreements on Future of Cryptocurrencies Persist Between Finance Ministry and Bank of Russia


A meeting between the Central Bank of Russia (CBR) Governor Elvira Nabiullina, Russian Finance Minister Anton Siluanov, and Deputy Prime Minister Dmitry Grigorenko — devoted to adopting a common approach to the regulation of cryptocurrencies — has failed to produce the desired results, domestic and foreign media unveiled this week.


According to a report by Bloomberg, quoting knowledgeable sources, the participants have not reached a consensus on Russia’s future policy regarding the crypto space, but merely formalized their disagreements, despite President Putin’s call. The only common ground so far has been the shared position to prohibit the use of bitcoin and the like as a means of payment.


In January, Bank of Russia proposed a blanket ban on operations such as issuance, exchange, and mining of cryptocurrencies, citing threats to financial stability and investors. However, the federal government has sided with the treasury department’s view that most crypto activities should be legalized and regulated, under strict rules, rather than banned completely, an announcement published on Feb. 8 indicated.


As cryptocurrencies are quite volatile, the ministry thinks it’s necessary to restrict access to these assets for non-qualified investors, suggesting a limit of 50,000 rubles (approx. $650). At the same time, Minfin wants to make them attractive for other investors, according to Siluanov, and considers “controllable” all risks highlighted by the CBR. Commenting on the discord, quoted by Forbes and Reuters, the finance minister stated: The Central Bank wants to ban cryptocurrencies, arguing that this creates risks, primarily for citizens, can “infect” financial institutions, banks and create an opaque settlement market. It’s the same as banning the internet, which is impossible… We don’t use the methods that China uses.


Earlier this month, Russian media reported that Dmitry Grigorenko has instructed the finance ministry and the central bank to draft new crypto legislation together and present it by Feb. 18. In case the disagreements with the CBR persist, the ministry plans to submit to the government a package of bills along with a table listing the differences, Finmarket reported on Wednesday.


Any delay would hinder the development of the crypto sector and lead it into the shadows, Siluanov warned, speaking to reporters. He added that the Ministry of Finance is aware of the active development of this market and recognizes the need for its regulation in the Russian Federation. Quoted by Tass, his deputy Alexei Moiseev said that the draft law will be prepared by the said date.


Meanwhile, another report by the Russian edition of Forbes revealed that Bank of Russia has proposed a different set of amendments to the current Russian legislation in the field. The regulator wants to incorporate a ban on the circulation of cryptocurrencies into the law “On Digital Financial Assets” which went into force in January 2021, only partially regulating crypto-related matters. Tags in this story amendments, bill, Bitcoin, Central Bank, concept, Crypto, crypto regulations, Cryptocurrencies, Cryptocurrency, differences, disagreements, draft law, Finance Minister, finance ministry, Government, government institutions, Governor, Legislation, Nabiullina, plan, Regulation, Regulations, Russia, russian, Siluanov


Do you expect Russian government institutions to eventually reach an agreement on the future of cryptocurrencies? Share your thoughts on the subject in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. US State Wants to Lead in Crypto Acceptance — Colorado to Accept Crypto for Tax Payments This Summer REGULATION | 44 seconds ago The Republic of the Marshall Islands Allows Registration of DAOs as Legal Entities REGULATION | 11 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUmbria Launches AVAX Cross-Chain Bridge Solution, Claims Tech Is 90% Cheaper Than Alternative Next articleErtha Metaverse Sells Rome NFT for Record $120k Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFarmville Creator Zynga to Launch NFT Games, Says Gaming Firm"s Blockchain Lead


American social game developer Zynga has plans to launch non-fungible token (NFT) games in the near future. Zynga’s vice president of blockchain, ​​Matt Wolf, told the press that the company is looking at the cycle right now and “figuring out ... read more.India Won"t Legalize or Ban Crypto at This Stage, Finance Minister Confirms Students Mining Crypto in Dorms May Face Criminal Prosecution in Russia, Lawyer Says McDonald’s Trademark Filings Hint at Fast Food Giant"s Intent to Produce Metaverse Restaurants Binance Invests $200 Million Into the Business Magazine and Digital Publisher Forbes

News Feed

British Army’s Social Media Accounts Hacked to Promote Bitcoin Giveaways, Crypto Scams
British Army"s Social Media Accounts Hacked to Promote Bitcoin Giveaways, Crypto Scams The British Army’s official Youtube and Twitter accounts were compromised Sunday and h
Bankrupt Crypto Exchange FTX to Start Letting Customers in Japan Withdraw Funds
Bankrupt Crypto Exchange FTX to Start Letting Customers in Japan Withdraw Funds FTX customers in Japan will soon be able to withdraw their funds that are currently frozen due to th
Tristan Greene6 hours agoComputer science experts say US should create new fed agency for AI: SurveyAccording to the 213 computer science professors surveyed, AI might not be as big of a displacer as the C-suite claims.7
Fed’s Outgoing Vice Chair Richard Clarida’s ‘Rebalancing’ Trades Ignite Fed Trading Ethics Scandal
Fed"s Outgoing Vice Chair Richard Clarida’s "Rebalancing" Trades Ignite Fed Trading Ethics Scandal Members of the U.S. Federal Reserve are getting criticized this week after the
Former Fed Chair Alan Greenspan: Crypto Is Too Dependent on ‘Greater Fool Theory’ to Be a Desirable Investment
Former Fed Chair Alan Greenspan: Crypto Is Too Dependent on "Greater Fool Theory" to Be a Desirable Investment Former Federal Reserve Chairman Alan Greenspan says crypto is “
DCG Mining Subsidiary Foundry Joins Texas Blockchain Council to Help Shape Crypto Public Policy
DCG Mining Subsidiary Foundry Joins Texas Blockchain Council to Help Shape Crypto Public Policy On Tuesday, Digital Currency Group’s (DCG) mining subsidiary, Foundry Digital
Bitfinex hacker Heather Morgan spotted at Bitcoin Conference 2024
Daniel Ramirez-Escudero8 hours agoBitfinex hacker Heather Morgan spotted at Bitcoin Conference 2024Heather Morgan, aka Razzlekhan, has been spotted in several Bitcoin events, the latest being the Bitcoin Conference 2024.
PeerNova Validates Shift to Enterprise Blockchain With $31 Million Funding
Blockchain startup PeerNova has received $31 million in a Series B round, bringing the company’s total fundraising to $74 million. Mosaik Partners led the latest investment,
What Is The Merge? A Brief Explanation of Ethereum’s Transition From Proof-of-Work to Proof-of-Stake
What Is The Merge? A Brief Explanation of Ethereum’s Transition From Proof-of-Work to Proof-of-Stake In 23 days the Ethereum network will transition to a proof-of-stake (PoS) con
Announcing the Launch of the Lao Crypto and DeFi Product – Welnance Finance
Announcing the Launch of the Lao Crypto and DeFi Product - Welnance Finance press release PRESS RELEASE. Welnance, a DeFi protocol built on Binance Smart Chain, is set to launch the
Savannah Fortis12 hours agoMixed signals: Binance denies reports of $90B in crypto trades in ChinaBinance has refuted claims published in The Wall Street Journal that the exchange has conducted billions of dollars in cry
Bitcoin price retraces 30 days ahead of halving in historical pattern
Robert D. Knight10 hours agoBitcoin price retraces 30 days ahead of halving in historical patternBitcoin price has historically retraced ahead of previous Bitcoin halvings, but when will it bounce back?3278 Total views8