Russia looks to get around with crypto regulations instead of issuing a nationwide ban, according to the Director for Financial Policy.
Cryptocurrencies have faced a lot of pressure in Russia, with the government threatening to ban the use of digital assets all across the board. More specifically, the Central Bank of Russia offered a full-on blanket ban on digital assets, meaning that all crypto operations would be made illegal.
However, in a recent RBC conference, Finance Policy Minister Ivan Chebeskov was making progress to refrain from an all-out ban on crypto. Instead, Chebeskov suggested issuing regulatory measures, because a complete restriction would put the country far behind in the tech industry.
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This probably stems from Chebeskov’s background in investment banking, and his positive stance on digital assets that he had expressed earlier in 2021.
Currently, there are no inclinations on how the governing bodies of Russia will react to his proposal that he had prepared before the RBC conference, during which he stated:
"We need to give these technologies the opportunity to develop. In this regard, the Ministry of Finance is actively involved in the development of legislative initiatives in terms of regulating this market."
Likewise, Chebeskov sees Russia issuing its own CBDCs so that it can compete in the blockchain race with other countries in Latin America and East Asia, as countries like China and Bahrain are already testing their digital currencies.
The decision to stick with regulatory measures would provide more leeway for Russian financial service providers like Sberbank who had plans to launch the country’s first ETF.
