Russia will unveil its crypto regulatory strategies by February 11th

By February 11, the Russian government, which is currently debating the future of decentralized digital currency in the country, is expected to produce various scenarios for crypto regulation.


By February 11, the Russian government, which is currently debating the future of decentralized digital currency in the country, is expected to produce various scenarios for crypto regulation.
Russia | Image: Optimisus

According to Bitcoin.com, records from a meeting held at the White House in Moscow last week revealed the development, quoting the Russian business newspaper Kommersant.ru.


The future of cryptocurrencies in Russia will most certainly be decided by a conflict between two opposing viewpoints.


While the Russian Central Bank proposes a blanket ban on crypto-related operations, the Ministry of Finance favors legalization under stringent conditions and without accepting Bitcoin as a payment mechanism.


The latter has gotten the most support and, if accepted, will allow Russians who hold digital money to use it in the same way that they would with other investment assets, including as completing transactions through Russian banks and paying taxes.


All of this takes place, of course, under the government's watchful eye.


Interjections from Medvedev and Putin


The proposed prohibition on cryptocurrency-related activity by Russia's Central Bank drew criticism from the country's top leaders, including former President Dmitry Medvedev and current President Vladimir Putin.


The restriction, according to Medvedev, might have a negative influence on the system, implying that outlawing something often has the opposite effect.


President Putin went on to say that the Central Bank could not "stand in our path of technological advancement" and that it should make the necessary steps to implement cutting-edge technology.