Russia's Finance Minister Advocates Regulation Over Prohibition of Cryptocurrencies
Russia Finance Minister: Why Crypto Ban is a Bad Idea
Russia's Finance Minister Anton Siluanov voiced a strong stance against the outright prohibition of crypto. Highlighting the ongoing dialogue between the Ministry of Finance and the Bank of Russia, Siluanov revealed plans to delve into the practicalities of employing cryptocurrencies for domestic and international settlements.
Siluanov's remarks reflect a pragmatic approach toward the cryptocurrency market, emphasizing the necessity of regulation over restriction. "I am sure that the Central Bank and I will come to an agreement. This issue has been discussed for several years. We cannot prohibit the circulation of cryptocurrencies. Therefore, we need to regulate this channel. I am sure that we will find a solution," Siluanov stated.
Consideration of Cryptocurrency in Financial Transactions
The discourse around cryptocurrency mining and its potential application in settling transactions has gained traction. Both governmental bodies expressed a preliminary inclination toward leveraging cryptocurrencies for external payments. This nuanced position reflects a broader consideration of the role of cryptocurrencies within Russia's financial system, balancing between innovation and fiscal oversight.
- We need to talk about what can and cannot be done with cryptocurrency.
- Agreement with the Central Bank to discuss the issue of mining.
- Results of mining process for settlements within and outside the country.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.