Russian finance minister says ban on Bitcoin is impossible

The finance minister of Russia declared a clear statement on crypto and claimed that a ban on the crypto industry is almost impossible. 

Russia is still a gray region for the crypto community, despite the crypto law of Russia allowing the citizens to invest and trade in crypto assets since 1 January 2021.  These days, the Bank of Russia is doing its trial of Digital Ruble (Russian CBDC).

On 16 February, Anton Siluanov, Russian finance minister, opposed the proposal of the Bank of Russia and claimed that there are no reasons to ban Bitcoin or other crypto assets. Because the legislation is better instead of following ban laws. 

Anton noted that the government should start to work on the regulation procedure instead of debate because it will help the government agencies to monitor the industry. And further, it will result in an increment of the budget by collecting tax from the crypto traders. 

“What’s wrong with that, I don’t understand why it should be banned….()…..that there is an easy solution for taxing the market.”

According to Anton, there are easy options to regulate the industry and impose tax rules on the net income of the investors. 

“The government should hold taxes from the realized gains on the amount of deposited and withdrawn fiat assets.”

Anton also claimed that the Central Bank is wrong with its assumptions to ban Crypto because it will result in a risk for citizens and also it may significantly impact the financial institution market badly.

“The Central Bank wants to put an outright ban on crypto assets, arguing that this creates risks, primarily for citizens and can “infect” financial institutions, banks as well as create an opaque settlement market.”

Bank of Russia against crypto 

Around a week ago, an official statement was released by the government of Russia, which confirmed that the government of Russia and the Bank of Russia agreed to work together to create a framework for the crypto industry, instead of imposing a ban. 

In the released statement, the government noted that they will introduce multiple restrictions and provisions so that no one person can violate rules and regulations. 

A day before, the Bank of Russia released its statement and claimed that it is still against crypto and wants to impose a ban. These things are showing that the Central Bank of Russia is only a road bump between Crypto legislation & crypto community in Russia.

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