Russia Crypto: The Prime Minister of Russia highlighted that only in collaboration with the Central Bank would it be able to resolve difficulties relating to cryptocurrency legislation in the long run as reported by the RBC.
The Need To Incorporate CryptoCurrencies
It is vital to incorporate the mechanism for the circulation of digital currencies into the country’s financial system, according to Russian Prime Minister Mikhail Mishustin, who made the statement on Tuesday. His emphasis was on the fact that such difficulties should only be handled in collaboration with the Central Bank.
Collaboration with Russia’s Central Bank
While speaking with members of the Liberal Democratic Party, Mishustin stated that such issues could only be resolved in collaboration with the Central Bank in order to assess the risks that cryptocurrencies pose to Russia’s money circulation. “Unquestionably, such issues can only be resolved in collaboration with the Central Bank,” Mishustin said.
He went on to say that steps should be done to better control the mining industry. The prime minister reminded the audience that the cabinet had approved the idea of the Ministry of Finance only a few weeks before, which addressed these concerns in great detail.
Wallet Identification Via The Russian Banks
It is recommended in the department’s proposal that all cryptocurrency transactions be conducted via Russian banks, that holders of cryptocurrency wallets be identified, and that clients be divided into qualified and unqualified investors.
Meanwhile, the Bank of Russia is aggressively campaigning for an outright ban on the issue and organization of the circulation of private digital currencies in the nation, according to the Financial Times.
On February 18, the regulator unveiled a draft legislation that prohibits the organization of the issue of cryptocurrencies and its circulation, as well as the broadcast of information about it. The new law is effective immediately. Banks and other financial market players are also barred from possessing private digital currencies under the terms of the initiative.