Russian Finance Ministry submits crypto regulatory framework for review

In a new twist of the Russian crypto regulation saga, the country’s Ministry of Finance has come forward with an initiative that stands in stark contrast with the central bank’s hardline position.activities throughout the country. Citing volatility, environmental impact and use in illegal activities, the central bank published a report calling regulators to implement a total ban and impose strict sanctions on violators..

According to the ministry, regulating crypto can bring multiple benefits, such as increased tax revenue and enhancing law enforcement’s ability to track criminal activity. The ministry cites statistics showing that Russian citizens are holding crypto that’s worth around 2 trillion Russian rubles, adding that a total ban or a lack of regulation will eventually undermine the industry and create a black market.

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