The Russian government and central bank have opposing viewpoints on the legality of cryptocurrency and are striving to reach a consensus.
The administration argues that regulating cryptocurrency will increase foreign investment and better oversee the market, but the central bank says there are too many hazards.
According to a report by Bloomberg, Russia's Finance Minister Anton Siluanov and Prime Minister Mikhail Mishustin are failing to reach a consensus on the cryptocurrency asset class.
The Russian government wants to legalize cryptocurrencies in order to attract international investment, but the central bank is skeptical, claiming that they would be used for criminal purposes.
So far, it does not appear that the two sides are unable to come to an agreement on the issue.
Siluanov believes that reducing the confusion surrounding cryptocurrency will benefit the economy while also allowing the government to keep track of the asset class. Many governments, including India, agree with this viewpoint.
When contacted by Bloomberg, Russian authorities declined to comment on the matter. It did, however, release a document describing how it plans to regulate the crypto asset class. Alexey Moiseev, Deputy Finance Minister, stated of the situation,
“We need to create clear and transparent rules for the participation of citizens and businesses in the financial instruments of the crypto market. Clear regulation excludes the possibility of a parallel financial system appearing.”
The Russian central bank, on the other hand, is certain about its opposition to cryptocurrency and is hoping that the government would alter its mind. It's uncertain whether this will happen, but considering how other countries are moving forward, it's unlikely.