The Russian Finance Ministry, through the mouth of its boss Anton Siluanov, has message that its aim is not to ban the circulation of cryptocurrencies in the Russian economy. Siluanov’s office thus goes partly against Russia’s central bank.
The Bank of Russia’s Bank of Russia has proposed restrictions for mining and trading cryptocurrencies. The reason for this is concern that the digital currency may erode the stability of Russia’s financial system. But Russian Finance Minister Anton Siluanov disagrees, so President Vladimir Putin suggested to both institutions that they find consensus.
After a year and a half of guesswork between Russia’s central bank and finance ministry, Anton Siluanov said the government would now find a solution. “I will go to the government with all the counter-arguments and believe we will find agreement,” the head of Russia’s state-run casinos told reporters.
Siluanov does not see as a solution the ban on cryptocurrencies. “If we ban them, then we would have to ban the internet as well. And we don’t want to use the same methods as China,” he said. He thus alluded to earlier comments from Bank of Russia officials who said that for the regulation of cryptocurrencies in Russia needed to be inspired by experiences from China or India. But Siluanov believes there are better regulation and taxation instead of a ban.
