The finance ministry of Russia said that the crypto industry needed to evolve in this country under regulation.
In January 2021, Russia introduced its crypto regulation framework and legalized the crypto industry to allow the citizens to trade with the crypto assets but in the last months of 2021 Bank of Russia reportedly decided to took strict action and now started to prepare a framework to impose a ban on the crypto trading and mining. In the last two months, the majority of the reports claimed that CBR is continuously doing its work to prepare its proposal and framework to bring a ban on the crypto industry.
But the latest report coming from Russia is very pleasant for the crypto community of Russia because after a long time some official government agency has come to support to Crypto industry against the ban proposal of the Central Bank.
On 25 January, during the RBC crypto conference, Ivan Chebeskov, director within the Ministry of Finance, passed his fully supportive comment for this industry. Ivan said that there should be regulation on the crypto industry because the ban on this industry will result in a backward pool for the country in terms of technology advancement and adoption.
“We need to allow these technologies to develop. In this regard, the Ministry of Finance is actively involved in the development of legislative initiatives in terms of regulating this market.”
Ivan also said that Finance Ministry prepared its proposal to bring a better regulation for this crypto industry and Ministry will wait to see the stance of the government on this proposal to regulate crypto despite the ban proposal of the Bank of Russia.
Earlier this, Vladimir Gutenev, Chairman of the State Duma Committee on Industry and Trade, stated that country will allow its gold and sovereign fiat-based stable coins. And crypto mining might be allowed under some situations of government control. Gutenev said that he doesn’t support Crypto and he said that it should be banned.
Read also: Bank of Thailand will create a framework to use crypto in the payment system