Russian Parliamentary Group Supports Crypto Regulation, Opposes Outright Banning

by Ilan Hazan
7 ways to make with crypto

Russian Parliamentary Group Supports Crypto Regulation, Opposes Outright Banning

A working group from Russia’s Parliament has declared that there should be “mechanisms” in place to control crypto transactions. 

According to a report by Cointelegraph, citing sources from local media, a State Duma (the lower chamber of Russia’s Parliament) working group has given its support in favor regulating, as opposed to outright banning, cryptoassets. The announcement came amidst ongoing discussions between the Central Bank of Russia (CBR) and the country’s Finance Ministry to sort out the future of cryptoassets.

The report claims that some 50 experts took part in the Duma’s panel session, dubbed “On the questions of the regulation of cryptocurrency.” The panel concluded that “effective and transparent” regulation of digital assets was preferred to outright banning, albeit with mechanisms in place to “control cryptocurrency transactions.”

As noted in the report, the key takeaway is the working group’s support for the Finance Ministry’s approach tor regulation, as opposed to the CBR which seeks even greater restrictions on crypto. 

In January, the CBR announced a proposal for a ban on crypto mining and the circulation of digital currencies in Russia. The Finance Ministry was quick to respond with its own opposition, saying that digital assets should be treated similarly to fiat currencies in terms of regulation.

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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