Скачать или смотреть Russian Central Bank, Ministry of Finance to Settle Crypto Policy

Tim Alper

Last updated:

March 24, 2024 23:00 EDT

| 3 min read

The Russian Ministry of Finance says it wants to settle its long-standing crypto policy differences with the nation’s Central Bank.

According to the media outlet RBC, Finance Minister Anton Siluanov said he was “sure” his ministry and the bank would soon “come to an agreement” on crypto regulation-related matters.

Russian Central Bank Eager to Break Crypto Impasse?.

Speaking at an event held at a state-run financial university, Siluanov said:

“I am sure that [the ministry] and the Central Bank will come to an agreement. This issue has been discussed for several years. We cannot prohibit the circulation of cryptocurrencies. Therefore, we need to regulate this [market]. I am sure that we will find a solution.”

The Ministry of Finance and the Central Bank have been locked in an unproductive crypto policy-related impasse for years.

The government agency wants to regulate and tax crypto exchanges and traders, but the bank has previously called for a China-style blanket ban.

The ministry tried to break through this impasse in early 2022, when it unveiled a comprehensive draft bill on crypto regulation.

The bank shot back with its own rival bill, proposing an almost total ban on all crypto-related activities.

Neither bill made it past the committee stage at the State Duma, and the crypto sector has remained in limbo ever since.

This led to a downgrading in the nation’s FATF compliance rating last month, and calls from government bodies to fast-track regulation.

However, the war in Ukraine and resulting Western sanctions appear to have forced the Russian Central Bank’s hand.

The bank has grudgingly conceded to soften its stance on industrial crypto mining, which is now booming in Russia.

It has also agreed to make some concessions on the use of crypto as a payment tool in international trade.

And it is here that Siluanov sees common ground for legislation. He said there was a “need to work together with the Central Bank on the issue of identifying possible options for using cryptocurrencies for settlements, both within the country and abroad.”

Russian Crypto Mining Industry Booms – Will Bank Make Concessions?.

The minister also claimed that the bank had “agreed to hold a meeting to discuss [crypto]...

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