Russian Finance Minister hopes government will help regulate crypto market

MOSCOW : The Russian finance ministry does not want to ban circulation of cryptocurrencies as advocated by the central bank and hopes the government will help solve the crypto market regulation dilemma, Finance Minister Anton Siluanov said on Wednesday.

The finance ministry and the central bank have been arguing about cryptocurrency regulation for a year and a half, Siluanov said, adding that the government is now expected to find a solution. By the end of this week, the finance ministry is due to file its proposals to the government on how to regulate cryptocurrencies, which Russians have used in annual transactions worth about $5 billion.

The Bank of Russia has previously said the country needs a further adjustment of its cryptocurrency regulation, pointing to the experience of China and India.

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