Federation Council urges regulation of cryptocurrencies for citizens’ benefit

The Russian authorities should study international experience in cryptocurrency regulation and craft rules most advantageous for Russia’s economy and its citizens. This was stated by Ivan Abramov, deputy head of the Federation Council’s Economic Committee, reports “RIA Novosti”.

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He argued that reliance on prohibitive measures alone is not advisable; there should be room for possible development in the sector, but under state control to protect Russians’ interests.

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“We must work out the possibility of regulating the cryptocurrency market so as to make decisions. Look at the outcomes that other countries have reached,” the senator added.

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Earlier, President Vladimir Putin urged the government and the Central Bank to come to a unified view on regulating cryptocurrencies. The central bank’s hard line is facing opposition from the State Duma, the government and security agencies, which are not calling for a ban but for thorough market oversight.

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