The Russian Ministry of Finance will consider public opinion for the creation of digital asset regulations.
The Ministry of Finance made a public announcement and stated that they have begun to develop a comprehensive regulatory framework for the crypto industry. Citizens and financial market actors will be able to present their suggestions on the subject.
Russia has been unable to reach a consensus on how to approach the digital asset sector since the beginning of this year.
Even though the central bank has called for a ban on cryptocurrencies, likening them to the ponzi scheme, the Ministry of Finance believes it makes more sense to regulate the asset class.
President Vladimir Putin also presented his views on the matter and asked the authorities to reach a unanimous decision.
Elvira Nabiullina (President of the Bank of Russia), Anton Siluanov (Minister of Finance) and Dmitry Grigorenko (Deputy Prime Minister) discussed the situation at a joint meeting earlier this week. However, no decision has been made on which legislation will be applied.
Going to the Public
The Russian Ministry of Finance has made an announcement to understand what the public thinks about it, in order to have a better idea of which rules to apply.
Russian officials stated that they will amend some federal laws in connection with digital currencies. It also urged financial market actors and citizens to advise on regulations. Those who want to make a proposal have until March 18, 2022.
It can be said that a ban is generally not on the agenda as Vladimir Putin recently praised crypto mining.
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