Anton Siluanov: “banning cryptocurrencies is similar to banning the Internet” – Bits Media

Yesterday the Central Bank of the Russian Federation presented a bill, prohibiting the release and circulation of cryptocurrencies in Russia. Finance Minister Anton Siluanov does not agree with the document and believes, that the ban will harm the economy.

In the bill, sent by the Central Bank to the Ministry of Finance, proposed prohibit the circulation of any cryptocurrencies – such as those issued in Russia, and abroad. At the same time, fines ranging from 300 000 rubles up to 500 000 rubles, and legal entities can receive a fine of up to 1 million rubles. The Central Bank also proposes to ban any advertising of digital assets.

As Finance Minister Anton Siluanov noted in an interview with Rossiya 24, banning cryptocurrencies is like banning the Internet.

“The Central Bank wants to ban crypto assets, cryptocurrency, motivating, that this creates risks, first of all for citizens, can “infect” financial institutions, banks and create an opaque settlement market. This is the same, what to ban the Internet, which is impossible", He said.

Siluanov admitted, what are the risks, voiced by the regulator, quite understandable and expected. But position ministries financial such, that these risks can be mitigated, and the cryptocurrency industry should be regulated. At the same time, Siluanov confirmed, that the Ministry of Finance proposes to limit the amount of investment in crypto assets for unqualified investors. Earlier, Deputy Minister of Finance Alexey Moiseev spoke about restrictions on 50 000 rubles.

“We’ve been arguing over this law for a year and a half now., procrastination benefits no one. Even if we make a mistake somewhere, we can always fix it. Worse, when the decision is delayed, and the gray sector is developing further", - concluded the minister.

Siluanov held a meeting earlier this week, Head of the Central Bank Elvira Nabiullina and Deputy Prime Minister Dmitry Grigorenkov on the regulation of cryptocurrencies. However, officials could not agree - the position of the Central Bank remains the same.