Russia needs Bitcoin regulation according to the Finance ministry and not a ban as the central bank proposed and we reported in our BTC news.
The country’s finance ministry said that’s not what is needed to protect citizens. Russia’s central bank aid that the country needs to regulate and not ban crypto. The Finance Ministry said Russia needs Bitcoin regulation a week after the country’s central bank called for a ban. Ivan Chebeskov who is the director of the fiannce ministry financial policy department said that the regulation was needed to protect citizens and not ban BTC. Russia’s central bank suggested that they should ban mining but also that people should not be able to even buy crypto. However, Chebeskov said that it will be necessary to allow these technologies to develop:
“We need to regulate, not prohibit. Regulation will protect citizens. In this regard, the Ministry of Finance is actively involved in working on legislative initiatives in terms of regulating this market.”
He also said that a ban on crypto transactions and mining could shunt the growth in the industry of the country. The Number of countries that already banned crypto includes China as the main example. The country cracked down on the crypto industry and made mining illegal but since then, the mining industry boomed in North America. Chebeskov and the Russian governemnt officials are not the only ones that think a ban will be a bad idea since we saw Pavel Durov the CEO and co-founder of Telegram saying a ban on crypto is simply “throwing the baby out with the bathwater.”
As recently reported, The Bank of Russia wants to impose a new ban and proposed a full ban on crypto and dozens more have implicit bans in place. The Bank of Russia issued a report recently calling for a total ban on crypto. While Russia banned crypto payments in 2020 and the central bank issued a ban on crypto investmetns, today’s proposal shows that the country will go further. Citing environmental concerns, it will halt BTC mining in the country which provides more than 10% of the computing power to the BTC network and it will also ban financial institutions from handling transfers of the digital assets.
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