According to the Russian finance minister, local banks should be permitted to deal with cryptocurrencies

Russian finance minister, Anton Siluanov, believes that domestic financial institutions should be granted a universal license to offer cryptocurrency trading services. Its perspective is distinct from the central bank’s, and recently, the latter entity recommended a complete ban on digital assets.

Previously, Russia’s central bank urged the country’s government to impose a blanket prohibition on all digital asset projects within the country’s boundaries. The organization contended that bitcoin and altcoins resemble pyramid schemes, threaten monetary policy sovereignty, and endanger the local financial system.

However, President Vladimir Putin and Ivan Chebeskov (a member of the Finance Ministry) quickly expressed opposition to such a harsh rule. The country’s leader stated that Russia might gain from digital asset extraction, while the latter said regulations would be better than a China-style ban.

Russia’s Finance Minister Anton Siluanov supports the concept, according to a 3 February report. In a letter to Prime Minister Mikhail Mishustin, he requested that local banks be given the authority to provide cryptocurrency-related services. He argued that investment in cryptocurrencies should be treated similarly to investing in gold or other precious commodities.

Despite this, the Russian finance minister and the central bank have some views in common. Both feel that digital assets cannot be used as legal tender within the state’s borders.

Local investors hold cryptocurrencies worth approximately 2 trillion rubles ($26 billion), according to Siluanov. Its assumption differs dramatically from the Russian government’s predictions released earlier this week. The Russians own around $215 billion in cryptocurrencies, accounting for about 12% of the market’s entire capitalization.

Read Also: China created 15 blockchain-related special zones

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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