By 11th February 2022, the Kremlin, which is convening dialogue on the fate of decentralized virtual currency in Russia, will present potential crypto regulatory options. This information was first reported by the economic newspaper Kommersant, which cited records from a discussion undertaken at the Russian Federation Government House in Moscow in the first week of February.
The conclusion of the debate among competing viewpoints is expected to determine the future of cryptocurrency in the nation. The Finance Ministry advocates for legalization within stringent conditions but without acknowledging BTC as a payment method. On the other hand, the Russian Central Bank supports a total ban on crypto-related operations such as mining, trading, and issuing.
Most state entities, particularly related ministries, have backed the Finance Ministry’s stance. If this is approved, Russian people who hold virtual currencies would be allowed to use those as financial instruments within government oversight. They would be able to file taxes and execute business via banks in Russia.
In an advisory opinion issued in January, the Bank of Russia clarified its stance on digital currencies. It states that all individual cryptocurrency transfers must take place beyond Russian jurisdiction. It should be outside the purview of the Russian financial sector. The Ministry of Finance argues that regulators distinguish between “black” and “white” cryptocurrency exchange operations. Nevertheless, they both believe that cryptocurrency can never be classified as lawful tender.
Russian people, as per Siluanov, possess twelve million cryptocurrency accounts containing currencies valued at over 26.5 billion dollars (around two trillion rubles). As per Bloomberg, reliable insiders previously reported that the Kremlin is operating with a far larger figure, with Russia owning 215 billion dollars in cryptocurrencies.
