Finance Ministry and Bank of Russia fail to agree on regulating the crypto industry

A meeting dedicated to the regulation of cryptocurrencies between the head of the Bank of Russia Elvira Nabiullina, the Finance Minister Anton Siluanov and Deputy Prime Minister Dmitry Grigorenko yielded no results. Bloomberg reports, citing sources.

According to them, the participants failed to find a compromise on regulating the market in Russia, and only “formalised their disagreements”.

Earlier, Russian President Vladimir Putin urged the government and the central bank to reach a unified view on the matter.

The Central Bank proposes to ban the circulation and mining of cryptocurrencies in Russia. In turn, the Ministry of Finance advocated for regulating the industry and presented its own concept.

The government backed it and tasked the two sides with preparing a crypto bill by February 18. Anatoly Aksakov, head of the State Duma committee on the financial market, stated, that a draft version of the document is already ready.

Nevertheless the Central Bank continued to criticise the concept proposed by the Ministry of Finance.

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