Russia’s New Statement on Cryptocurrencies: Will They Be Banned?

Russian Finance Minister Anton Siluanov said that cryptocurrencies should not be banned. Russian Finance Minister Anton Siluanov recently made a statement about cryptocurrencies. Siluanov emphasized that directly banning the cryptocurrency sector would not be a good idea and that a more constructive approach is needed. The minister stated that it would be more sensible to regulate the cryptocurrency sector rather than banning it, emphasizing the need to focus on what can and cannot be done with cryptocurrencies. He also mentioned that after several years of discussion, a common ground would be reached with the Central Bank of Russia: I am confident that we will come to an agreement with the Central Bank. This issue has been the center of debates for several years. We cannot prohibit the circulation of cryptocurrencies. Therefore, we need to regulate this channel. I am sure we will find a solution. We need to discuss what […]

Russia’s New Statement on Cryptocurrencies: Will They Be Banned?

Russian Finance Minister Anton Siluanov said that cryptocurrencies should not be banned.

Russian Finance Minister Anton Siluanov recently made a statement about cryptocurrencies. Siluanov emphasized that directly banning the cryptocurrency sector would not be a good idea and that a more constructive approach is needed.

The minister stated that it would be more sensible to regulate the cryptocurrency sector rather than banning it, emphasizing the need to focus on what can and cannot be done with cryptocurrencies.

He also mentioned that after several years of discussion, a common ground would be reached with the Central Bank of Russia:

I am confident that we will come to an agreement with the Central Bank. This issue has been the center of debates for several years. We cannot prohibit the circulation of cryptocurrencies. Therefore, we need to regulate this channel. I am sure we will find a solution. We need to discuss what can and cannot be done with cryptocurrencies.

Furthermore, he indicated that there has been an agreement with the Central Bank regarding cryptocurrency mining without providing further details:

We have reached an agreement with the Central Bank to discuss whether the results of this process can be used in domestic and international settlements.

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