Russian Prime Minister, Economy Ministry Support Legalization of Cryptocurrencies

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Russian Prime Minister, Economy Ministry Support Legalization of Cryptocurrencies – The Russian Ministry of Economic Development and Prime Minister Mikhail Mishustin have welcomed efforts to regulate cryptocurrencies and integrate them into the country’s economy.

The support comes as Russia faces increasing sanctions as a result of its involvement in the Ukraine conflict, which are limiting its access to international financial markets.

Despite the central bank’s continued hostility, Russian authorities are working toward the implementation of a comprehensive legal framework for cryptocurrencies.

Other government agencies and officials have backed the Finance Ministry’s position, which favors legalization, especially given that Russia is under unprecedented sanctions, especially financial limitations.

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Also Read: Bank of Russia Reports First Successful Digital Ruble Transfers Between Users

Minfin’s regulatory approach was approved by the federal government in early February. The ministry then proposed a new draft law titled “On Digital Currency,” with the goal of closing the regulatory holes left following the implementation of the “On Digital Financial Assets” law in January 2021.

Russian Prime Minister Mikhail Mishustin was cited on Friday, saying that the administration has thoroughly examined the suggestion about the adoption of a special framework for cryptocurrency operations.

He elaborated during a discussion with members of the Liberal Democratic Party of Russia (LDPR) in the State Duma:

“Of course, the mechanism for the circulation of digital currencies will need to be integrated into the country’s financial system.”

At the same time, Mishustin stressed that the relevant concerns can only be resolved with the Bank of Russia’s cooperation. According to him, the central bank must analyze the risks posed by cryptocurrencies.

The central bank proposed a blanket crypto ban in January, citing hazards to the country’s financial stability and citizens.

Russian Prime Minister, Economy Ministry Support Legalization of Cryptocurrencies – While the CBR seeks to ban a wide variety of crypto-related activities, including the issuing, trading, and mining of digital currency, Russian Prime Minister has stated that his cabinet is prepared to regulate crypto mining. According to a government press release, Mikhail Mishustin concluded, “It has been approved by us.”

Also Read: Crypto Assets Can Help Russia Return to Global Financial Market – Lawmaker Says

Minfin’s plan was also backed by the Russian Ministry of Economic Development last week, which wants to help finalize the legislation.

The department stated that it is still waiting for comments from the Finance Ministry on bitcoin mining, cryptocurrency payments, and the criteria for operators of digital asset exchanges.

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