Government Of Russia And Its Central Bank Share Opposing Views On Crypto Legality
Nowadays, cryptocurrency is discussed everywhere in Russia. There are two schools of thought about cryptocurrency; one is favoring and the other opposing. Bloomberg published a report in which it is stated that Russian officials are trying to come to a consensus on the cryptocurrency class. There has been seen a letter between Prime Minister Mikhail Myshuston and finance minister Anton siluanov for this purpose.
The Russian government is in favor of crypto, and that’s why it is trying to legalize digital currencies to attract foreign investors. While on the other side, the central bank has taken a negative viewpoint, saying this can be used for illicit activities. So far, both sides are standing on their stance, and it looks like they are not ready for reconciliation.
Finance minister Siluanov’s point of view is that crypto could help improve the economy, so they have to remove uncertainty around it. While on the other hand, the government can also monitor the class of assets. This ideology is being pursued by many governments, including India.
According to Bloomberg, Russian officials declined to comment regarding this matter. However, it has published a document explaining how this cryptocurrency asset class can be regulated. Alexei Moiseyev is the Deputy Finance minister; he said on this issue, “we have to make fair and transparent rules about financial instruments of the cryptocurrency market so that the citizens and businesses could participate without any hesitation. Clear rules rule out the probability of a parallel fiscal system emerging”.
The central bank of Russia, however, is adamant about its dislike of cryptocurrencies and hopes the government will switch its mind. Whether it happens or not, after seeing the way forward of other countries, it looks like not happening. It is clear like crystal why the government of Russia wants to legalize cryptocurrency. It has advantages, including boosting the economy through increased investment and employment. It is also better for market oversight capabilities. According to many other countries, this way is ideal for advancing.
It is almost impossible to ban the cryptocurrency market because of its decentralized nature. Therefore, governments are looking to take out the most of it. After the regulation of the market, the government is in a position to enforce tax laws traceability. They will also encourage job creation. Officials are now clearly seeing that it will be better to adopt a regulatory approach. Of greater issue to them is that CBDCs should deal with the development of stable coins, which has taken the form of a big regulatory issue.
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