Russia failed to sustain its precise stance on crypto

Recent reports found that Russia is still under a very big confusion, whether to adopt the crypto industry or impose a ban because of disagreement between different government agencies.

Reportedly, on 18 February it was expected to see a consultation meeting between the Russian Central Bank and Finance Ministry to discuss the creation of rules on cryptocurrency issuance and transactions. But the Russian finance ministry kicked off this meeting. 

Last week, the Russian government announced that the Finance Ministry and Central Bank will together put a consolidated stance on crypto with the introduction of precise rules and regulations, on which the Bank has problems and necessary to introduce rules to keep the bad actors away. Reportedly the government claimed that it will take more than a month to see the newly drafted bill on crypto regulation but here we have to wait because of some major works between different agencies.

The majority of the latest reports claimed that new problems that prohibited the meeting between the Central Bank and Finance Ministry appeared because of the renewed stance of the Bank of Russia against crypto, which wants to see only a crypto ban instead of adopting it. 

Right now, the Russian government and also the Russian finance ministry are in full support of Bitcoin. And also besides these things, Russian president Putin supported this industry from the point of view of crypto mining industry revenue. 

Only, the Bank of Russia is against crypto. On 20 January, the Bank of Russia published its detailed research and stance on crypto and noted that it had better reasons to impose a blanket ban on the crypto industry. 

Few experts claimed that the Russian Central Bank is eager with its Digital Ruble and doesn’t want any kind of competition against its innovation, that is why they want to prohibit such industry. 

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