Limiting the circulation of cryptocurrencies runs counter to Russia’s policy of supporting the IT sector, according to a statement by the head of the Ministry of Digital Development Maksut Shadaev пишут «Ведомости».
“The introduction of any restrictions on the issuance and circulation of cryptocurrencies will cause the blockchain solutions industry within the country to stop developing. Any regulatory restriction in this area will lead to the departure of qualified specialists to other countries,” the minister said.
Instead of a ban, he proposed ensuring market transparency and reducing risks for legitimate investors through clear legislative acts.
According to the concept for regulating the cryptocurrency market presented by the Russian Finance Ministry, the Ministry of Digital Development should become one of six regulatory authorities. Experts have warned that this is fraught with power overreach and difficulties for market participants.
Earlier, Dan Wolfe, managing director of Simoleon Long-Term Value, said that it is impossible to advocate blockchain development in Russia while making bitcoin trading illegal in the country.
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