G7 policymakers

The finance ministry submitted legislative suggestions to the government on Friday that contradicted
the central bank’s desire for a blanket ban, escalating a simmering debate over cryptocurrency
regulation in Russia.
Due to worries about financial instability, the Bank of Russia has advocated prohibiting cryptocurrency
trade and mining, and believes that regulating cryptocurrencies is impossible.
The finance ministry disagrees, and President Vladimir Putin has urged officials to reach an
agreement.
On Friday, Finance Minister Anton Siluanov told state TV channel Rossiya 24 that he believed disputes
could be resolved and a bill governing cryptocurrencies passed by the end of the year. He stated that
the final decision would be made by the government.
Siluanov stated that his ministry advocated identifying crypto dealers in order to distinguish the
“white” market from the “grey” sector.
Giving law enforcement the ability to track money movements and transactions risks undermining one
of cryptocurrencies’ main selling points: anonymity.
However, according to a paper given to the finance ministry, the central bank does not accept the
ministry’s recommendations for legalisation and wants to completely prohibit the issuance and
circulation of cryptocurrencies, a long-held position.
The bank has already criticised speculative demand for the rapid ascent of cryptocurrencies and
warned of potential market bubbles.

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