Bank of Russia’s hardline stance on crypto fails to gain support from other Russian institutions, report reveals.
The central bank’s push for a restrictive policy regarding cryptocurrencies is not gaining support among members of the Russian government, legislature, or law enforcement. A blanket crypto ban, as proposed by the bank, would make a laughingstock of Russia, lawmakers have warned.The Central Bank of Russia’s lobbying for prohibitive legislation on cryptocurrencies has not been met with understanding by other government bodies, Russian media revealed.
However, the Russian government, parliament, and even law enforcement departments such as the Ministry of Internal Affairs and the Federal Security Service are not willing to back the proposals of the monetary authority, Lenta.ru reported, quoting two high-ranking members of the State Duma.at the lower house of parliament is now discussing proposals to fill the regulatory gaps remaining after the law “On Digital Financial Assets” went into force in January 2021.
No one has put an end to cryptocurrencies yet, Anatoly Aksakov insisted. He views the central bank’s report on the matter as only a ground for further discussions. The head of the Financial Market Committee has been calling for the legalization of crypto mining, suggesting it should beLugovoy added that Bank of Russia’s position is not fully substantiated and expressed his opinion that it’s impossible to prohibit the circulation of cryptocurrencies.
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