The Minister of Finance opposes the Central Bank of Russia
Anton Siluanov, the finance minister of Russia, is against banning bitcoin (BTC) and cryptocurrencies. In an interview with Forbes on February 16, 2022, the former vice-president considered that it was simply impossible to ban digital currencies.
“It’s the same as banning the Internet, which is impossible”says Anton Siluanov.
This statement follows recent statements by the Central Bank of Russia. The body responsible for issuing the national currency wants all cryptocurrencies to be banned on Russian territory. While actively preparing the arrival of the digital rubleits central bank digital currency (MNBC), the bank seeks to convince the government that the cryptocurrency sector poses a threat to the country’s financial stability.
“We will spare no effort to convince the government”recently committed Elvira Nabiullina, Governor of the Central Bank of Russia, referring to “significant risks” for the nation.
In the interview, Anton Siluanov openly talks about the dispute between the Central Bank and the government. According to him, the fears put forward on several occasions by the organization are “understandable”, but the risks are entirely under control. The politician specifies that he is preferable to regulate the digital asset sector than ban it.
“The Central Bank wants to take action and ban cryptocurrencies, ensuring that digital assets generate risks, mainly for our citizens, and that they will end up ‘infecting’ financial institutions, banks and creating an opaque alternative market. »details the Minister of Finance.
? Find all the news about the regulation of cryptocurrencies
Russian Finance Minister Supports Legalizing Cryptocurrency Mining
Despite repeated warnings from the Central Bank of Russia, the Kremlin is preparing to recognize cryptocurrencies as foreign currencies, such as the euro or the US dollar. Until now, Bitcoin and altcoins were considered digital assets. A bill envisagesallow Russian citizens to invest in cryptoassets. Unsurprisingly, a regulatory framework will be applied to prevent abuse. All transactions exceeding 600,000 rubles, or 7,000 euros, must in particular be declared.
The government of Vladimir Poutine don’t intend to stop there. Opposed to the recommendations of the Central Bank, the Russian president recently expressed interest in Bitcoin mining. With the support of the Head of State, the Ministry of Economic Development has also tabled a bill aimed at legalize cryptocurrency mining on the territory. The proposal plans to exploit the excess electricity generated by the grid.
Mirroring Vladimir Putin, the finance minister said he was in favor of legalizing digital currency mining in Russia. Asked about the issue of taxation of the industry, Anton Siluanov affirms that taxes will be levied on profits made by miners. For the politician, this approach is preferable to that of “ban everything”.
? On the same subject – Cryptocurrency mining soon authorized in Russia?
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