Russia’s finance ministry pans idea of crypto ban

The call for a more moderate approach comes days after the central bank unveiled proposal for a total ban on cryptocurrencies

Cryptocurrencies should be regulated in Russia, but not banned, according to Ivan Chebeskov, the Director of the Financial Policy Department of the Ministry of Finance.

“Technologies of this kind should get a chance to develop,” the official said during a conference organized by Russian business-focused media RBC.

“In this regard, the Finance Ministry is actively working on legislative initiatives aimed at regulating this [cryptocurrency] market. And for now, we have prepared a draft concept plan for regulatory measures that is currently discussed in the Ministry, and that has been sent to the state administration,” Chebeskov added.

According to the official, Russian authorities should protect the interests of those purchasing cryptocurrencies or using them in any technological solutions.

READ MORE: Telegram CEO assesses impact of Russia’s proposal to ban crypto

“I think it is necessary to regulate, not to ban; regulation will just ensure the transparency that will ensure security for citizens,” he said, stressing that Russia just cannot afford to ban a highly developed technological sector.

The official’s response came after the latest call for a complete ban of cryptocurrencies in Russia issued last week by the central bank. The regulator said that the issuance, circulation, exchange, and trade of cryptocurrencies and stablecoins should be prohibited along with the organization of these operations in the country.

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