Ministry of Economic Development advocates reasonable crypto-regulation

Ministry of Economic Development advocates reasonable crypto-regulation

The government sided with the financial department in the dispute between the Ministry of Finance and the Bank of Russia.

Recall, the Ministry of Finance believes that the cryptocurrency market should be regulated. This will minimize the risks of its transition to the gray zone. Central Bank, on the contrary, seeks a complete ban on any transactions with such assets. The regulator fears that it will not be able to control transactions with tokens.

The Ministry of Economic Development published a report that supported the financial department’s proposals to regulate the industry.

However, the Ministry of Economic Development believes that the concept of the Ministry of Finance needs to be finalized. It needs to clarify the mechanism of control over miners and the use of digital currency by individual investors, companies and trading platform operators.

The concept of the Ministry of Finance was submitted to the government for consideration on February 21. This document was transformed into a bill. If the government and the parliament support this law, then transactions in Russia with virtual currencies will be able to perform only those citizens who have been fully verified at the exchange.

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Written by Renat
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