At the end of last week a meeting dedicated to cryptocurrency regulation was held with representatives from the central bank, various ministries and agencies.
According to Interfax, the meeting was chaired by Deputy Prime Minister and head of the government staff Dmitry Grigorenko.
The Bank of Russia confirmed the fact of the meeting and again voiced its position on the necessity of banning the issuance and circulation of cryptocurrencies on the territory of the Russian Federation. The Bank of Russia maintains that the spread of crypto assets negatively affects the economy and the financial system:
“In the long term, an increase in money circulation outside the Bank of Russia’s control will lead to higher lending rates for businesses and individuals, will restrain economic growth, and will negatively affect employment.”
The regulator also pointed to risks associated with mining, but noted that the issue lies outside its remit.
At the meeting, the head of the Finance Ministry, Anton Siluanov, was also present, presenting the ministry’s proposals for regulating the crypto market.
According to sources, the Bank of Russia outlined its hard line toward cryptocurrencies to the government as early as October. In parallel, the ministries were developing a roadmap envisaging regulation of the industry. It approved by Deputy Prime Minister Dmitry Chernyshenko, media reported.
Earlier, on January 20, the Bank of Russia published доклад, in which it proposed banning the circulation of cryptocurrencies and their mining on the territory of the Russian Federation.
The Bank of Russia’s position не поддерживают neither in the government, nor in the State Duma, nor in the security agencies. In the Finance Ministry they advocated regulating the sector rather than banning it, and prepared собственную концепцию.
The ministry said заявили that for now the main point of contact with the central bank on crypto matters is agreement on banning settlements in cryptocurrencies, and they expressed hope that the issue of market regulation would be resolved within a month.
Read ForkLog’s bitcoin news in our Telegram — cryptocurrency news, prices and analysis.