Russia’s Finance Ministry stated the importance of digital assets in the financial market

Director of the Financial Policy Department Ivan Chebeskov believes that qualified personnel and clear regulation are needed for the development of the cryptocurrency industry

13.04.2022 - 15:50

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2 min

What’s new? The Ministry of Finance of the Russian Federation believes that cryptocurrency is an important part of building a financial architecture. This was reported by the Director of the Financial Policy Department Ivan Chebeskov in his speech at the round table “The pitfalls of transformation of the financial education in the digital era.”

Information on the Ministry of Finance’s website

What else does Chebeskov say? According to the official, for the full development of the cryptocurrency industry qualified personnel and clear regulation are needed. He also added that the Ministry of Finance, jointly with Innopolis University, is in its second year of implementing the project of a Reference Educational Center. Its aim is to provide priority industries with qualified personnel.

What had happened before? In February, the Ministry of Finance of the Russian Federation announced the beginning of public discussions on the regulation of cryptocurrencies. The department also started drafting two bills: “On Digital Currency” and “On Amending Certain Laws of the Russian Federation in connection with the adoption of the Federal Law “On Digital Currency.”

On April 8, the Ministry of Finance of Russia finalized and submitted a draft federal law “On Digital Currency” to the government for consideration. According to a press release from the department, the document has clarified and concretized some provisions, including those related to mining.

Also in early April, the Ministry of Finance stated that Western sanctions serve as an additional source of motivation for the development of the crypto market inside the country. Ivan Chebeskov noted that due to the restrictions, Russians are experiencing difficulties withdrawing funds from foreign crypto exchanges.

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