Russian finance minister Anton Siluanov and the Bank of Russia clashed on Friday over how cryptocurrencies should be regulated in the country, ot whether they should be banned outright.
The country’s central bank has proposed banning cryptocurrencies outright as they pose a “threat to the financial system.” However, Siluanov does not agree entirely with this statement. He has argued against a blanket ban and said that a bill regulating cryptocurrencies should be passed out instead.
President Vladimir Putin has also weighed in on the matter and encouraged both parties to seek a compromise.
Siluanov has already come up with a plan to regulate crypto traders and argued that constructive legislation would enable the country to differentiate between the white and grey market.
This argument has most likely fallen on deaf ears as a document seen by Reuters argues that the Bank of Russia still does not agree with the Ministry of Finance.
According to Andrey Kladov, a cryptocurrency expert, this opposition in core beliefs about crypto may significantly slow down the potential for any meaningful regulation.
“A prohibitionist stance on it is absolutely useless, like banning umbrellas because 50 years ago someone killed a man with an umbrella”, Kladov explained. Presently, the bank believes that there are $5bn worth of cryptocurrencies traded in Russia every year.
Siluanov has said that he and the ministry are working with the Bank of Russia to find a way to introduce crypto asset legislation so that financial institutions may continue to use these digital assets.
Russia has focused on crypto not only to safeguard its financial system, but also to clamp down on what it estimates are activities sponsored from abroad to undermine the country’s government.
The case for bitcoin and freedom has been made repeatedly, including by political activist organization Anti-Corruption Foundation which accepts crypto as donations.
In the meantime, you can leave politics aside and enjoy a leisurely gameplay at Bitcasino, 1xBit or FortuneJack.