Russian finance ministry to submit legislation regulating cryptocurrencies despite disagreements with the central bank.
As cryptocurrencies are quite volatile, the ministry thinks it’s necessary to restrict access to these assets for non-qualified investors, suggesting a limit of 50,000 rubles . At the same time, Minfin wants to make them attractive for other investors, according to Siluanov, and considers “controllable” all risks highlighted by the CBR.
The Central Bank wants to ban cryptocurrencies, arguing that this creates risks, primarily for citizens, can “infect” financial institutions, banks and create an opaque settlement market. It’s the same as banning the internet, which is impossible… We don’t use the methods that China uses. Earlier this month, Russian media reported that Dmitry Grigorenko has instructed the finance ministry and the central bank to draft new crypto legislation together and present it by Feb. 18. In case the disagreements with the CBR persist, the ministry plans to submit to the government a package of bills along with a table listing the differences, Finmarket reported on Wednesday.
Any delay would hinder the development of the crypto sector and lead it into the shadows, Siluanov warned, speaking to reporters. He added that the Ministry of Finance is aware of the active development of this market and recognizes the need for its regulation in the Russian Federation. Quoted by Tass, his deputy Alexei Moiseev said that the draft law will be prepared by the said date.
Meanwhile, another report by the Russian edition of Forbes revealed that Bank of Russia has proposed a different set of amendments to the current Russian legislation in the field. The regulator wants to incorporate a ban on the circulation of cryptocurrencies into the law “On Digital Financial Assets” which went into force in January 2021, only partially regulating crypto-related matters.
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