Russia is at odds on the issue of cryptocurrencies

by nativetechdoctor
2 minutes read

Cryptocurrency has become a controversial issue in Russia when the submission of the Ministry of Finance of the country to the federal government is in stark contrast to the request of the central bank.

Specifically, the Central Bank of Russia has requested an absolute ban on the cryptocurrency sector, while the Finance Ministry has proposed to build a solid legal basis for regulating this sector

Beware of the risks of financial instability, the Central Bank of the Russian Federation proposes to completely ban mining and trading activities of cryptocurrencies. However, this proposal is completely contrary to the view and policy of the Ministry of Finance of this country.

On February 21, Russian Finance Minister Anton Siluanov asserted that proposals to ban the central bank should only be considered if they do not conflict with the approach of the Ministry of Finance to the cryptocurrency market. . Mr. Anton emphasized that the Ministry of Finance will give priority to building a legal corridor to strictly manage virtual currencies, allowing this field to be allowed to operate in Russia as an investment tool.

The Russian Ministry of Finance has drafted a proposal to build a legal market for cryptocurrencies, which includes mandatory identification of market participants in the purchase and sale of cryptocurrencies, although this is not the case. which is a highly anonymous market.

At the same time, foreign cryptocurrency exchanges need to be licensed to operate in Russia. Individuals and investment organizations will have to undergo financial literacy assessments, thereby determining the maximum amount allowed to invest each year. Those who pass the test will be able to invest up to 600,000 RUB, while those who have not been allowed to invest a maximum of 50,000 RUB per year. This is said to be a move to protect crypto-currency “players” against depression problems, heavy losses.

Particularly with the proposal to ban cryptocurrency mining due to concerns about energy consumption and the environment, the Ministry of Finance expressed the view that mining is allowed on the basis of taxation.

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