September 24, 2023

According to rumors, the Ministry of Finance in Russia plans to adopt a less stringent law on cryptocurrencies. If the ministry is successful with its plans, cryptocurrencies will be accepted as financial assets in Russia. 

Ministry of Finance Vs. Bank Of Russia

Presently, the Bank of Russia is fighting for cryptos to be banned, but the Finance Ministry is lobbying the authorities to legitimize cryptocurrencies. Reports are saying the government will likely lean in favor of cryptos.

Report By Russian Newspaper 

According to Kommersant, a newspaper in Russia, the Finance Ministry is taking steps to authorize cryptos. Apart from making cryptos legal, the ministry wants them to be investment assets that banks can sell to the public. This stance taken by the finance ministry opposes that of the Bank of Russia. The Bank of Russia does not support cryptocurrencies and wants them banned.

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Also, Kommersant highlighted a letter allegedly written by the country’s Finance Minister, Anton Siluanov, to Mikhail Mishustin, the Prime Minister. From the supposed letter, the finance minister outlined what differentiated both institutions and made known its appeal to legalize cryptocurrencies. 

Both the finance ministry and the Bank of Russia agree that cryptos should not be authorized as legal tender. The disagreement is on if cryptos should be allowed as assets or not.

On the 20th of January, BOR released a report asking the government to ban mining and use of crypto totally in the country. The 37-paged proposal cited financial instability, environmental problems, and threat to monetary sovereignty as reasons for its appeal.

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The nation’s Ministry of Finance reported that the citizens have cryptos worth over $26 billion. This amount represents some percentage of the total savings in the country, which is about $214 billion as reported by Bloomberg. The ministry feels legalizing cryptos will bring these funds to the public. As a result, the ministry wants regulations to be put in place to give banks the license to transact digital currencies in a controlled space. 

Moreover, professionals and individuals who would participate in the digital currency market would be known by using “know your customer.” Also, there will be taxation of transactions using digital currencies, and offenders will be punished according to the law.

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Lastly, there would be guidelines to safeguard against money laundering. 

Reports from the Russian newspaper propose that the government favors digital currencies and is not against them. Also, information emerged that the President, Vladimir Putin, agreed they should be permitted as assets and not banned altogether. 

If this is true, it will mean good news for the crypto holders in Russia and a good stance by the government in favor of the digital economy.

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