Central Bank vs Finance Ministry in Crypto Regulation in Russia

Central Bank vs Finance Ministry in Crypto: Cryptocurrency is now one of the biggest financial tools used by investors and the like worldwide. Although it is not legal in a few countries and legal in others, cryptocurrency has become a topic of endless debate and trading in the world.

With such a powerful online currency, it is obvious that socio-political factors will be accounted for. In today’s article, we will be discussing the dispute in the Russian government over the regulation of cryptocurrency. Keep reading to find out more!

Central Bank vs Finance Ministry in Crypto: The Differences

According to Economic Times, there is a dispute in the works between the finance ministry and the Bank of Russia over-regulation of cryptocurrency. The central bank has demanded a blanket ban over all crypto mining and trading as according to them, digital currencies pose a ‘threat’ to the financial stability of the nation. The finance ministry, on the other hand, disagrees and Vladimir Putin has called on a consensus from the authorities.

Anton Siluanov, the finance minister wants the differences to be put to rest and wants a bill regulating cryptocurrencies passed by the end of the year.

See also  Sony's DualSense Edge PS5 controller: Price, Features, and much more

Central Bank vs Finance Ministry in Crypto: The Submission

According to CryptoNews, the Russian Finance Ministry has submitted a draft bill on the regulation of cryptocurrency to the government. The ministry has informed that they also received proposals from the Central Bank, “to impose a ban on the organization of the issuance and circulation of digital currencies, as well as the introduction of liability for relevant offenses.”

The ministry has said that if the bill would be accepted by the parliament then they would like to oblige the judiciary in considering crypto as a “tool of investment.” Another notable thing in the bill was the online quiz. The bill has proposed an online quiz that would be given by the citizens in order to, “determine their level of knowledge about investing in digital currencies and awareness of their possible risks.”

The Opposition.

However, we must note that things have not ended here, the Central Bank is in no mood to accept the crypto regulation change. The bank proposed its own bill calling for a blanket ban. It has suggested forcing commercial banks to block transactions related to cryptocurrency activities in Russia or abroad.

For More News and Updates, Stay With us on Stanford Arts Review.

Leave a Reply