Russian Finance Minister Reacted over the ongoing tension between the Russian finance ministry, and the central bank of Russia.
On Wednesday while in an interview with Forbes Russia, the finance minister Anton Siluanov said.
“Banning the cryptocurrency like banning the internet”
Russian finance minister’s reaction arrived after a strong ongoing dispute between the central bank of Russia, and the finance ministry.
He believes that you can not ban or stop the nation from bitcoin or cryptocurrency by giving the example of the internet. And better to focus on the regulation of digital currency.
He said this on the strong disagreement between the central bank of Russia, and the Finance Ministry of Russia.
The Russian finance minister further said that the risks that the central bank of Russia presented are right in their place. But, banning is not an option. And instead of banning digital currencies, we can regulate them.
Also, added that regulating digital currency would enable the Russian government to monitor the market. And the taxes gained from crypto will help in the development of Russia.
“The Central Bank wants to take and ban crypto-assets, cryptocurrencies, arguing that this creates risks, primarily for citizens, can “infect” financial institutions, banks and create an opaque settlement market. This is the same as banning the Internet, which is impossible,”
While briefing the finance minister said that “What’s wrong with that, I don’t understand why this is all banned,” the Russian minister was bewildered.
According to the finance minister Of Russia, the taxing issue is not really hard. As per his words, the government should grasp the taxes from the realized from the amount of deposited and withdrawn fiat assets.
Russian Finance Minister Opinion For Inexperience Crypto Investors:
The Russian finance minister further added that. We understand the importance of risk and that is why we can arrange some limits for inexperienced crypto-investors.
“Since cryptocurrency is a volatile instrument, the Ministry of Finance considers it necessary to limit the possibilities of working with it for unqualified investors.“
And the maximum amount for the inexperienced crypto investor can be arranged within the range of 50,000-100,000 rubles. Earlier this, his deputy Alexei Moiseev informed Forbes to restrain the limit of buying to $660.
Meanwhile, the central bank of Russia is not agreed to allow non-professional crypto investors to be involved in crypto investment activities. As there is a vast risk of hacking, and scamming attacks. They are also antagonistic towards crypto mining, as there also exist fraud mining schemes of “non-existent digital currencies”
Final Thoughts:
In our opinion, the concerns of both parties are authentic in their point of view. The Russian finance minister reacted in a quite sensible way and presented his opinion. Furthermore, he is also in favor of the concerns the Russian central bank has. And after a long delay of more than one year. On Friday, they will resolve this issue by a common ground on crypto regulation.
Let’s see and wait where the future of cryptocurrencies and bitcoin will end up in Russia. What are your opinions on this ongoing issue of cryptocurrency? let us know in the comments below.
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Disclaimer: We are not experts or financial advisors. Kindly, take your decisions at your own risk.
