Russian Prime Minister Dmitry Medvedev stated that issues relating to cryptocurrencies’ regulation can only be resolved jointly with the Central Bank.
The Prime Minister of Russia, Mikhail Mishustin, said integration of the digital currency turnover mechanism in the financial system is necessary. He stressed that such issues should only be resolved jointly with the Central Bank.
During a meeting with LDPR members, Mishustin stated that such issues can only be resolved with the help of the central bank to assess the risks that cryptocurrencies pose to Russian money circulation.
In addition, the prime minister said more measures should be taken to regulate mining. He recalled that last month, the government approved the concept of the Ministry of Finance, which clarified these issues in detail.
The concept of the department is to conduct all transactions involving cryptocurrencies through Russian banks, identify cryptocurrency wallet owners, and divide customers into qualified and unqualified investors.
Additionally, the Bank of Russia advocates a ban on the issue and use of private digital currencies. On February 18, the regulator presented a draft law that bans the organization and use of cryptocurrencies. It also prohibits banks and other financial market participants from owning private digital currencies.
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.