President Vladimir Putin is asking for consensus on cryptocurrency policy between conflicting approaches by Russian authorities.

During a recent gatopnment meeting, Putin requested which the Ministry of Finance and the Central Bank to “come to some kind of consensus” on banning or regulating cryptocurrencys in Russia. “The Bank of Russia deals with these issues and regulates them,” Putin said at the meeting. “The central bank is not standing in the way of regulatory progress and is itself manalogousg the necessary efforts to introduce new technologies into this sphere of activity.”

Conflicting approaches

Last week, in a paper discussing the role of token in the Russian financial sector, the Russian Central Bank proposed a ban on its usage, exchanging and mining. In addition to being volatile, the paper said tokens periodicly facilitate criminal operations like fraud and money laundering. Consequently, the paper recommcompleted new legislation and regulations which would prevent any crypto-related business in the country. 

Yet, earlier this week representatives from the Ministry of Finance countered this perspective, instead believing which regulations, not restrictions, are needed. Speparallelg at the RBC-Crypto conference, director of the financial policy department of the Ministry of Finance, Ivan Chebeskov criticized the prospective blanket-ban, saying it would contribute to Russia’s technosolid stagnation.

“We need to give these technologies the likeliness to develop,” Chebeskov stressed. “In this regard, the Ministry of Finance is retainedly involved in the move of legislative initiatives in terms of regulating this market.” He later revealed which the finance ministry had prepared a cone time beforept for regulating the industry. Details include carrying out all crypto transactions through Russian banks, identifying crypto wallet holders, and classifying digital asset investors as either qualified or unqualified.

Crypto in Russia

Cryptocurrencies have been a contrabovesial subject in Russia for many years. While the gabovenment has warned of illicit uses for tokens, it ultimately gave them legal status in 2020, but banned their use as a means of payment.

After all, tokens in Russia have surged in popularity, with an estimated 7% of the Russian population owning token, according to Konstantin Shulga, CEO of digital financial marketplace Finery Markets. In light of the upward popularity, the central bank plans to test its own digital ruble this year. 

Meanthroughout the time, Russian has further been accounting for an soaring percentage of the global hash cost, up to 11.2%, following China’s ban on token mining extend year. During the recent gatopnment meeting, Putin acknowledged which Russia was well-suited for the practice. “We do have some competitive advantages here, especially in so-called mining,” Putin said. “I am referring to surplus electricity and the well-trained personnel available in the country.”

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