While the Bank of Russia wants to ban crypto mining, the Russian Ministry of Finance looks ready to take a more constructive view on crypto.
The Crypto Industry Still Has a Chance in Russia
During the RBC Crypto conference, the Director of the Financial Policy Department of the Russian Ministry of Finance Ivan Chebeskov stated that he was against a crypto ban in Russia.
He added that the Ministry of Finance is actively involved in the development of the legal framework which will allow to regulate the crypto segment. According to Chebeskov, regulation will provide enough transparency to protect Russian citizens.
Speaking at the same conference, the head of the Russian Duma financial markets committee Anatoly Aksakov said that cryptocurrencies might be legalized within the framework of the law on experimental legal regimes.
Whats Next for the Crypto Industry in Russia？
The Russian Ministry of Finance is notorious for its relentless search for new income opportunities. In this light, it is not surprising to see that it wants to regulate the crypto industry in order to get taxes from crypto miners or capital gains taxes from those who invested in Bitcoin, Ethereum or other coins.
At this point, the ongoing discussion in Russia had no impact on the global crypto markets, which remained dependent on market sentiment towards riskier assets.
However, the recent regulatory trends have been worrisome. If the crypto industry does not face a blanket ban in Russia, crypto markets may get additional support.
Avoiding a ban in a highly centralized country which prefers strict controls in the financial industry will certainly serve as a positive catalyst as it will show that cryptocurrencies may ultimately gain adoption even in countries that have originally looked rather hostile to the industry.
It should be noted that traders should not expect a quick resolution of the issue. Most likely, negotiations between the Bank of Russia and the Russian Ministry of Finance will drag on for months.
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