Mintsifra warned about the risks of banning cryptocurrencies in Russia

The introduction of restrictions on the circulation of cryptocurrencies will stop the development of the blockchain industry in Russia, which does not fit into the framework of the policy to support the IT industry, said Maksut Shadayev, head of the Ministry of Digital Development.

“The introduction of any restrictions on the issuance and circulation of cryptocurrencies will lead to the fact that the industry of blockchain solutions within the country will cease to develop. Any regulatory restriction in this area will lead to an outflow of specialized specialists to other countries,” Shadayev said.

The Ministry proposed to develop measures for state regulation of the market for the issuance and circulation of cryptocurrencies, ensuring its transparency and reducing risks for conscientious investors.

Earlier it became known that the government has developed a draft “road map” for cryptocurrencies, designed for the period until the end of this year, which involves regulation, and not a ban on the circulation of cryptocurrencies. This position is contrary to the opinion of the leadership of the Central Bank, which proposes to introduce a ban on the issuance, circulation and exchange of cryptocurrencies, as well as on the organization of these operations on the territory of Russia. The regulator saw a number of risks in cryptocurrencies, including the outflow of capital and the weakening of the Russian ruble, the withdrawal of money from deposits, the possibility of a complete loss of investments and the loss of the sovereignty of the national currency.

The Ministry of Finance, in turn, proposed a softer approach, which is to regulate the market. The ministry, among other things, believes that it is necessary to determine the key parameters of mining: according to the department, Russia ranks third in the world in terms of cryptocurrency mining.

Earlier, Russian President Vladimir Putin said that he was aware of the discussion between the Central Bank and the government regarding the regulation of cryptocurrencies. He noted that Russia has advantages in the field of cryptocurrency mining due to the presence of specialists in this field and a surplus of electricity. At the same time, according to him, this financial instrument carries risks for citizens due to high volatility. He asked the Central Bank and the government to agree on a position and present it later.


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