Late Drama Threatens to Disrupt Russian Crypto Regulation Plans
Friday is supposedly D-Day for Russian parliamentarians, who are set to unveil their much-talked-about draft crypto regulation bill – but the drama continues to rumble on, leading some to questions whether the law will indeed pass as quickly as some have hoped.
As reported, leading MPs have forecasted that the bill, due to be officially unveiled on February 18, could pass the State Duma (Russia’s Parliament) in the first half of this year. Details revealed thus far indicate that the bill will seek to “legalize” crypto, but heavily regulate its use, tax traders, and police crypto exchanges and brokerages.
But the Russian Central Bank remains vehemently opposed to the measures, instead preferring a China-style blanket ban. Its leadership has recently made warnings about the “new risks” that the draft bill could create for the Russian economy and society.
The Finance Minister, however, has hit back by claiming that “it’s impossible to ban crypto.”
Quoted by Forbes Russia, the minister, Anton Siluanov, stated:
“The Central Bank wants to ban cryptoassets, cryptocurrencies, arguing that they create risks, primarily for citizens, and can ‘infect’ financial institutions and banks, as well as creating an opaque settlements market. This is the same as banning the internet: It’s impossible.”
While he agreed that the Central Bank’s concerns were “understandable,” he urged the body to stop delaying – and accept the government’s proposals.
“Even if we make a mistake somewhere along the line, we can always correct it. It is worse when the decision is delayed. The grey industry [whereby crypto is neither legal nor illegal] simply keeps on developing in the meanwhile,” he was quoted as saying.
But the Central Bank has also dipped an oar in, and
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