Finance Ministry outlines steps in the event of no compromise with the Bank of Russia on cryptocurrencies

If the Ministry of Finance does not reach a consensus with the Central Bank of Russia on regulating the cryptocurrency market, the ministry will submit to the government a package of bills with a table of disagreements. This was stated by the head of the ministry, Anton Siluanov, reports «Финмаркет».

He сравнил the Bank of Russia’s proposal to ban cryptocurrencies with a ban on the Internet:

«The Central Bank wants to ban crypto-assets, arguing that they create risks, primarily for citizens, could “infect” financial institutions, banks and create an opaque market for settlements. It’s the same as banning the Internet, which is impossible.»

According to him, the central bank and the Ministry of Finance have been arguing for a year and a half about regulating the bitcoin industry, which slows the market’s development:

«Even if we are mistaken, we can always adjust it [the regulation]. It is worse when a decision is not made, it drags on, and the grey market, as it was, remains, only grows more.»

Siluanov also заявил, that authorities can organise tracking of investors’ actions on the market and their settlements:

«This is much more proper than the current situation. When we do not know how many there are — 12 million, 19 million or 5 million participants in this market. The point is that the market is grey, therefore, if control is ensured, one can identify the participants».

He also again called for transactions with cryptocurrencies to go through banks and for mining to be legalised.

Earlier, Siluanov clarified the limits on buying cryptocurrencies for non-qualified investors, which the Ministry of Finance proposes.

Deputy Finance Minister Alexei Moiseev stated, that the regulation bill on the crypto industry will be prepared by February 18, as well as the government instructed.

For now, the central bank and the Ministry of Finance have not been able to reach a consensus on regulating the crypto sector.

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