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Russian Finance Minister Says Crypto Should Not Be Prohibited


Russia’s Finance Minister Anton Siluanov voiced a strong stance against the outright prohibition of crypto.

Highlighting the ongoing dialogue between the Ministry of Finance and the Bank of Russia, Siluanov revealed plans to delve into the practicalities of employing cryptocurrencies for domestic and international settlements.

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Siluanov’s remarks reflect a pragmatic approach toward the cryptocurrency market, emphasizing the necessity of regulation over restriction.

“I am sure that the Central Bank and we 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 channel. I am sure that we will find a solution,” Siluanov stated.

The discourse around cryptocurrency mining and its potential application in settling transactions has gained traction. Both governmental bodies expressed a preliminary inclination toward leveraging cryptocurrencies for external payments. This nuanced position reflects a broader consideration of the role of cryptocurrencies within Russia’s financial system, balancing between innovation and fiscal oversight.

Indeed, the dialogue is expected to shed light on permissible activities within the cryptocurrency domain. Especially, on international financial interactions.

“We need to talk about what can and cannot be done with cryptocurrency. We have now agreed with the Central Bank to discuss the issue of mining – whether the results of this process can be used for settlements within the country and in international settlements,” Siluanov added.

The economic implications of such regulatory advancements are substantial. With miners poised to generate liquidity for foreign trade settlements upwards of $2.59 billion, there is a vast potential for enhanced tax revenues from industrial mining. Indeed, Sergei Bezdelov, Director of the Industrial Mining Association, highlighted the fiscal benefits of a regulated crypto framework.

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Conclusion

In conclusion, Russia’s Finance Minister Anton Siluanov is advocating for a regulatory approach to cryptocurrencies rather than an outright ban. This stance reflects a recognition of the potential benefits of incorporating cryptocurrencies into the financial system, particularly for domestic and international settlements. The ongoing dialogue between the Ministry of Finance and the Central Bank of Russia highlights the importance of finding a balance between innovation and oversight. The exploration of cryptocurrency mining for settlements further underscores the potential economic impact of a regulated crypto framework, including increased tax revenues. Overall, the nuanced approach taken by Russian authorities signals a willingness to adapt to the changing financial landscape while ensuring appropriate safeguards are in place.

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