The group was comprised of the economy, finance departments, interior and digital and along with the FSB security service as well as the central bank as per the other signatory, Deputy Premier Dmitry Chernyshenko. The group’s idea will establish an official structure for crypto, in contrast to a complete ban suggested by central banks.
One of the major features of the plan would be that the cryptocurrency broker will need to be conducted exclusively through Russian banks. To facilitate this the proposal suggests that foreign cryptocurrency exchanges be prevented from providing services to customers within Russia.
However, they might eventually be allowed to operate in the country once they obtain the required license. In addition, an executive from Binance executive has revealed that the company is interested in joining Russia. Russian market.
The documents “noted that the points of the road map were supported in full by all agencies, with the exception of the Bank of Russia,” the central bank stated that it was aware of the draft roadmap.
Achieving an agreement
The suggestion comes in response to the Russian president, Vladimir Putin’s demand for authorities to “come to some kind of consensus,” in the wake of the announcement of competing approaches. Initially, the central bank suggested that it would ban the trading, usage and mining of cryptos due to concerns about illicit financing and instability in the financial system.
“We believe it is necessary to prepare a federal law, establishing a ban on the issue and circulation on Russian territory of private digital currencies and also to determine liability for violating this ban,” the central bank announced this week.
Then, a few days later officials in the Ministry of Finance said they believed regulations are more beneficial than restrictions. “We need to give these technologies the opportunity to develop,” said Ivan Chebeskov, financial policy department director of the Ministry of Finance. “In this regard, the Ministry of Finance is actively involved in the development of legislative initiatives in terms of regulating this market,” the minister declared.
The finance ministry then proceeded to draft a proposal for regulating the market which could be the precursor to the present proposal. It suggested, for instance, conducting all crypto transactions via Russian banks and also the identification of cryptocurrency wallet holders and categorizing the investors in digital assets as qualified or not.