Despite Russian President Putin’s call for compromise, the Central Bank of Russia and the Ministry of Finance failed to reach a consensus on regulating cryptoassets.
Bloomberg reported that senior government officials met on Tuesday to discuss how to regulate crypto assets. According to a source familiar with the matter, the head of the Russian Central Bank Elvira Nabiullina, Finance Minister Anton Siluanov and Deputy Prime Minister Dmitry Grigorenko could not reach an agreement and decided to formalize their disagreement. According to Russian local media, the Ministry of Finance and the Central Bank had to prepare a draft law on the subject by February 18.
Letter from Nabiullina to Siluanov
Nabiullina sent a letter to Siluanov on the subject on Friday. In the letter, she continued her prohibitionist stance, arguing that there are too many risks associated with crypto. The bank also argued that crypto assets resemble a pyramid scheme and therefore pose a threat to the financial system.
As it is known, in the past weeks, the Central Bank of Russia has proposed a complete ban on crypto assets. Then, Putin stated that they have some advantages when it comes to cryptoassets, and asked regulatory authorities to consider these advantages.
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