The Ministry of Finance of Russia: The ban on cryptocurrencies would badly affect the economy – Bits Media

The Ministry of Finance assures, that the concept of regulation completely takes into account all the risks, listed in the Bank of Russia report on the ban on digital assets.

Deputy Minister of Finance Alexei Moiseev said in an interview, that the prohibition of mining and crypto assets In Russia, the development of new technologies would slow down, and also led to the migration of young specialists. Besides, Prohibition
I would deprive the budget of part of the income.

“Clear regulation excludes the possibility of the emergence of a parallel financial system in Russia, introduces clear and understandable rules of the game for market participants, creates tools to protect investors' rights, including, acting. In the case of the ban, all of them could automatically become violators of the law, And these are millions of people ", - explained Moiseev.

The deputy minister emphasized: It is necessary to create such transparent regulation rules, so that each market participant understands their rights and obligations. Moreover, in the framework of the concept approved by the Government, it is already assumed to track the flows of cryptocurrencies and identification of users. This should prevent the use of digital assets for criminal activity.

Earlier, the Chairman of the Central Bank of Russia Elvira Nabiullina said, that the legalization and regulation of cryptocurrencies in the country will not bring a significant influx of funds to the budget. Besides, according to the regulator, The concept of the Ministry of Finance takes into account far from all the risks of using cryptocurrencies.