Russia has Prepared Crypto Regulations to Refrain from Blanket Ban

Russia has Prepared Crypto Regulations to Refrain from Blanket Ban

The Russian government will be going in favor of cryptocurrency regulation despite disparities with the central bank which seeks a complete ban of digital assets.

After a long and hard fought battle amongst the Russian authorities on how to deal with cryptocurrencies, the government has reportedly created a "road map", according to a report by Reuters.

The authorities involved in the upcoming crypto regulations and the creation of the "road map" were said to be ministries related to finances and technology, the FSB, and the Central Bank of Russia.

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Based on the report, the road map document was signed by the Deputy Prime Minister Dmirtry Chernyshenko, and confirmed by his representative.

The document stated that all the authorities in Russia were in favor of the document, but not the Central Bank of Russia. The bank issued a statement regarding the document:

"We believe it is necessary to prepare a federal law, establishing a ban on the issue and circulation on Russian territory of private digital currencies and also to determine liability for violating this ban." 

While there is a certain disparity between the organizations in support of the regulations and the Central Bank of Russia, some proposed that Russia’s banks should be the "exclusive distributors" of cryptocurrencies. Likewise, it was suggested that Russia could license certain "foreign crypto exchanges" to operate within the country.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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