​Russia’s Minister of Finance calls on the Bank of Russia to legalize the circulation of cryptocurrencies

What’s new? Anton Siluanov, Minister of Finance of the Russian Federation, has urged the Central Bank to move to the second stage of development of the digital asset industry in the country, news agency URA.RU reports. According to the official, the circulation of cryptocurrencies should be legalized by analogy with fiat. The Central Bank’s press service did not comment on Siluanov’s speech but recalled that the regulator supported the draft law on mining that was submitted to the State Duma on November 17, prepared with his participation.

URA.RU’s material

What else did Siluanov say? On November 24, at a meeting with university students during the online marathon “FinZOZH,” the Finance Minister said that the Central Bank should be more flexible in regulating the crypto industry. Siluanov noted that Russia banned settlements in foreign currencies, but nothing prevents owning and exchanging them. The same rules could be established for cryptocurrencies, the official believes.

“But the Central Bank, like armor, like a wall, stands to the death, does not want crypto to enter our circulation. Crypto is a given, you can buy, operate, and sell. And it’s all done abroad, not on our infrastructure. No one gets the profits. All this is obtained illegally,” Siluanov said.

The head of the Ministry of Finance considers necessary the legal regulation of cryptocurrencies. Siluanov said that his department supports the legalization of the digital asset sector, while the Central Bank sees it as a threat. The official noted that the crypto market in the Russian Federation should be developed gradually, rather than turning a blind eye to its existence.

At the same time, Siluanov compared crypto to a slot machine and urged caution about investing in this type of asset. The official said that unlike stocks and other securities, on which it is at least roughly possible to calculate the dynamics of prices, “in crypto nothing is clear.”

Earlier, the State Duma began preparations for the creation of a national crypto exchange. Deputies will submit a document taking into account the position of the market to the government and the Bank of Russia. The parties do not plan to consider the exchange for the distribution of cryptocurrency as a means of payment within the country. The platform will be more of an exchange point.