Russian government: Instead of banning cryptocurrencies, there will be strict regulation – Bits Media

Central Bank of Russia, The Ministry of Finance of the Russian Federation and other interested departments will discuss the possibility of legalizing cryptocurrencies under state control in February.

In the discussion between the Central Bank of Russia and the Ministry of Finance of the Russian Federation, the Government of the Russian Federation is inclined towards strict regulation of the crypto industry in the state,
approves the business publication Kommersant.

There is a dispute behind the discussion between the Central Bank of Russia and the Ministry of Finance of the Russian Federation about digital assets, flared up between the regulators, legislators, agencies and departments, interested in resolving the issue of the fate of cryptocurrencies. Kommersant claims, that the publication learned about the current situation from the minutes of the meeting with Deputy Prime Minister Dmitry Grigorenko. The document says, that to 11 February, the Government of the Russian Federation should develop bills to regulate the crypto industry and assess the potential consequences of their introduction.

Central Bank of Russia and Ministry of Finance of the Russian Federation (representing the consolidated opinion of the government) have not yet come to a common decision on the fate of cryptocurrencies in the country. Probably, the above discussion will be aimed at developing a common solution.

A scenario with strict regulation of cryptocurrencies, as opposed to a ban on activities with digital assets in Russia, will enable users of cryptocurrencies to use them to make a profit. Undoubtedly, all transactions will pass through the banking system under the watchful supervision of regulators and will be subject to taxes.

Users of digital assets may face criminal prosecution by the Prosecutor General's Office and the Investigative Committee and lose their cryptocurrency during confiscation. It’s still early, this will be an opportunity to earn money legally in the crypto industry and not go into “gray” schemes.

It will take more than one month for the Russian authorities to formulate a general decision regarding cryptocurrencies., Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov believes. Since each department has its own interests and threats related to cryptocurrency. Business fully supports the legalization of cryptocurrencies. Chairman of the Board of Sber German Gref
stated, that cryptocurrencies should not be a payment tool in Russia, but stablecoins cannot be banned either. Pavel Durov spoke out against a possible ban on operations with cryptocurrencies by the Central Bank, that the proposal of the Bank of Russia on the ban on cryptocurrency operations will lead to the decline of the high -tech industry of the country's economy.