Cryptocurrency Regulations in Russia An Unresolved Matter
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According to Bloomberg, Cryptocurrency regulations in Russia are still an unresolved matter as Russian government officials failed to reach a consensus on Tuesday. 

Elvira Nabiullina, the Russian Central Bank governor, Finance Minister Anton Siluanov, and Deputy Prime Minister Dmitry Grigorenko failed to reach a compromise despite a request by President Vladimir Putin. Discussions failed to get any closer to a deal that would end the stalemate. 

According to unnamed sources, the team will draft a plan to formalize their disagreements. Earlier in January Putin wanted to regulate crypto assets swiftly. Since then little progress has been made, as the finance minister and the central bank was expected to release a draft law by Friday.

The central bank in Russia last month already called digital coins a pyramid scheme, calling for an outright ban on cryptocurrency. The institution wanted to block financial organizations from carrying out operations using crypto and ban crypto exchanges. According to the bank Russians actively trade in cryptocurrency and amount transactions around $5 billion per year. 

The growing number of crackdowns on cryptocurrency worldwide has raised the Russian government’s concerns that cryptocurrencies may disrupt their economy. The central bank said, “The best solution is to introduce a ban on cryptocurrency mining in Russia.”  

Though this is not what the ministry thinks, Siluanov has shared a different view from the central bank. According to him, banks can provide cryptocurrency exchange services, while other types of businesses can be licensed. While unlicensed businesses offering crypto services will be subject to criminal prosecution. 

If this thinking prevails amongst the others in the ministry, Russian cryptocurrency owners can freely use cryptocurrency to carry out financial transactions and pay taxes. 

As of now crypto assets and digital currency cannot be used as payment. According to the Russian government, estimated Russians own nearly 2 trillion rubles ($26 billion) in crypto. 

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