Russian minister opposes banning Bitcoin, saying this is like banning the internet

While the Central Bank of Russia continues to call on the State to ban cryptocurrencies like Bitcoin, it is Finance Minister Anton Siluanov who claims that this is not possible.

According to Forbes Russia, during a meeting between the ministry and the Russian central bank, Siluanov said that imposing a cryptocurrency ban in Russia is “ similar to an internet ban, an impossibility .”

Instead, the minister suggested that a way to regulate the cryptocurrency sector should be sought as soon as possible, rather than banning it outright. He also said that cryptocurrencies can allow the government to monitor the market and grow the country’s revenue through taxes on cryptocurrency mining.

” What doesn’t make sense here is, I don’t see why it should be banned .” Mr. Siluanov said in the meeting, along with the comment that this is an easy solution to tax this market. According to the minister, the government should levy a tax on the profits made in cryptocurrency trading.

The Central Bank wants to introduce a complete ban on crypto assets, arguing that it creates risks, mainly for the people, and can “stain” financial institutions, banks and financial institutions. like creating a non-transparent payment market .” Mr. Siluanov said.

He acknowledged that the Ministry of Finance has similar concerns and therefore needs to take measures to limit the access of non-specialist investors to this field. The maximum amount that amateur investors can put in ranges from 50,000 rubles (approximately $660) to 100,000 rubles ($1,300).

Officials did not specify whether the limit is for the investment term in each month or time frame.

Meanwhile, the Central Bank of Russia does not support the idea of ​​allowing non-specialist investors to trade cryptocurrencies like Bitcoin, citing that they can be abused for fraud and money laundering. The agency is quite hostile to cryptocurrencies when it comes to mining and warns against fraudulent schemes of “non-existent cryptocurrencies.”

After years of wrangling, the Central Bank of Russia and the government are expected to find common ground on cryptocurrency regulation that came out this Friday.

Refer to Cointelegraph