Russian Finance Ministry opposes a ban on cryptocurrencies

The cryptocurrency market must be regulated, not banned, as only this would ensure its transparency to protect Russian investors. This was said by Ivan Chebeskov, head of the Department of Financial Policy at the Finance Ministry, at an RBC conference.

He noted that in discussing cryptocurrencies one must look at “the breadth of technologies used in the industry.”

“The world has virtualized, technologies are developing rapidly, and we cannot simply ban one of our high-tech industries at home,” he said.

Chebeskov said that the main task is to protect the interests of investors and citizens who use cryptocurrencies, and that regulation of the market, not a ban, is required.

He added that the Finance Ministry is developing its own concept for regulating the crypto industry.

Earlier, the Bank of Russia presented a report proposing to limit the circulation of cryptocurrencies and mining within the Russian Federation.

In the State Duma, the regulator’s position was described as the strictest among all government agencies, and they said that banning the circulation of cryptocurrencies is practically impossible.

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