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The central bank’s push for restrictive policies on cryptocurrencies has not gained the support of members of the Russian government, legislature or law enforcement. Lawmakers have warned that the bank’s proposed blanket crypto ban would be a laughing stock in Russia.
Russian Bank’s tough stance on cryptocurrencies rejected by other Russian institutions
Russian media revealed that the Russian central bank’s lobbying for legislation banning cryptocurrencies has not yet been understood by other government agencies.Last week, regulators post A consultation paper urging a broad ban on crypto activities, including the use, exchange and mining of digital coins.
However, the Russian government, parliament, and even law enforcement agencies such as the Ministry of Internal Affairs (MVD) and the Federal Security Service (FSB) are reluctant to support the monetary authority’s proposal, Lenta.ru reported, citing two articles. Senior member of the State Duma.
One working team Proposals to fill the remaining regulatory gap after the entry into force of the Digital Financial Assets law in January 2021 are being discussed in the lower house of parliament.It is made up of representatives from various government agencies, lawmakers claim community rehabilitation, with its views on cryptocurrencies, is now in isolation.
Anatoly Aksakov, head of the Financial Markets Committee, and Andrei Lugovoi, deputy chairman of the Security and Anti-Corruption Commission, also accused the bank of distorting existing legislation. “Obviously, we are talking about cryptocurrencies — about bitcoin, ethereum, litecoin, etc.,” Lugovoi emphasized.
Russia could be the laughing stock, deputy warns
Andrey Lugovoy said that since the passage of the digital assets bill, Russian lawmakers have been working to legalize the new industry, including for tax purposes. He noted that a draft law regulating crypto taxation had been approved in the Duma at first reading, but the Bank of Russia blocked its final adoption and rejected all amendments, despite initially supporting the proposal.
Anatoly Aksakov insists that no one is yet to put an end to cryptocurrencies. He believes the central bank’s report on the matter is only the basis for further discussions.The head of the Financial Markets Committee has been calling for the legalization of crypto mining, suggesting that it should be registered as an industrial activity and taxed accordingly.
Lugovoy added that the Bank of Russia’s position has not been fully substantiated, saying that he does not think it is possible to ban the circulation of cryptocurrencies. “Let those who want to ban explain to us from a practical point of view how they intend to do it so we don’t become the laughing stock of the world,” he urged.
Do you think the Bank of Russia will reconsider its stance on cryptocurrency regulation? Let us know in the comments section below.
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