Attempts to regulate the cryptocurrency market in Russia continue…will it work in the end?
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Answer Attempts to regulate the cryptocurrency market in Russia continue…will it work in the end?
Attempts to regulate the cryptocurrency market in Russia continue.
However, according to recent news reports, top Russian officials failed to reach an agreement on how to regulate cryptocurrencies despite President Vladimir Putin’s request for them to find a compromise.
In its quest to legalize Bitcoin, Russia is preparing to prepare a regulatory draft by February 18
The head of the Russian Central Bank, Elvira Nabiullina, has voiced opposition to Russian plans to legalize cryptocurrencies.
Despite President Vladimir Putin’s request for a compromise formula, top government officials failed to reach an agreement on how to regulate cryptocurrencies at Tuesday’s meeting.
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Failed to reach agreement:
Elvira Nabiullina, director of the Russian Central Bank, Finance Minister Anton Siluanov, and Deputy Prime Minister Dmitry Grigorenko were frantically experiencing problems as they failed to reach a consensus on the management of the cryptocurrency market.
People familiar with the matter wanted to remain anonymous because the meeting was not public.
There were no comments from the press service of the central bank or the Ministry of Finance.
A spokesperson for Grigorenko did not immediately respond to a request for comment.
In January 2022, President Vladimir Putin requested a quick solution, but the authorities did not establish a clear policy towards cryptocurrencies.
Kommersant reported last week that the Finance Ministry and the Central Bank were preparing a bill to this effect by February 18.
But the central bank proposed a ban on cryptocurrencies, citing several risks.
The Bloomberg report also confirmed that a letter was sent on Friday from Nabiullina to Siluanov proposing to ban the crypto market in Russia.
The Russian regulator feels that cryptocurrency is like a pyramid scheme and puts investors, the financial system and the economy at serious risk.
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Therefore, the government wants to regulate digital currencies to get them out of the shadows, exploit them more profitably and attract investment.
Current Russian laws recognize but prohibit cryptocurrencies as a payment currency.
In other words, cryptocurrency remains a largely unregulated sector in Russia at least until further notice.
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