Central Bank of Russia cryptocurrency Russian top officials favor regulation in the cryptocurrency space, while recommending a ban on all cryptocurrency transactions, including mining.
In this context, Russian President Vladimir Putin also rejected the central bank’s proposal to ban, supporting the government’s proposal to control cryptocurrency mining and transactions.
Finally, a proposal regarding crypto regulations came from the President of the Russian Chamber of Commerce, Sergey Katyrin.
Sergey Katyrin wrote a letter to Finance Minister Anton Siluanov recommending that cryptocurrency mining be upgraded to a company status and removed from the “grey zone,” Russian news outlet Tass reported.
Tass said that he has a copy of the letter and that Katyrin used the following expressions in the letter:
“It seems necessary to make significant revisions to the existing legislation, as well as to introduce a number of new regulations that will determine the legal status of cryptocurrency mining as a type of commercial activity and make it possible to demystify this activity.”
Cryptocurrency Needs More Clarity!
Cryptocurrency Stating that there should be more clarity about the legal status of cryptocurrencies produced by miners and their circulation in the market, President Katyrin also expressed that the legal status of cryptocurrencies as a payment tool should be determined.
Emphasizing that the legal status of the Russian ruble as a national currency should never be questioned, Katyrin said:
“It has to be recognized that cryptocurrencies also have value.
In this context, it would be useful to examine the experience of countries where cryptocurrencies are regarded as a digital representation of value rather than a payment method, and where cryptocurrency exchanges for goods are accepted as an exchange transaction.”
*This is not investment advice.