The Ministry of Finance assures that the concept of regulation fully takes into account all the risks listed in the report of the Bank of Russia on the prohibition of digital assets.
Deputy Finance Minister Alexei Moiseev said in an interview that a ban on mining and crypto assets in Russia would slow down the development of new technologies and also lead to the migration of young professionals. In addition, the ban would deprive the budget of part of the income.
“Clear regulation excludes the possibility of a parallel financial system appearing in Russia, introduces clear and understandable rules of the game for market participants, and creates tools to protect the rights of investors, including current ones. In the event of a ban, all of them could automatically become violators of the law, and these are millions of people,” Moiseev explained.
The Deputy Minister emphasized that it is necessary to create such transparent regulation rules that each market participant understands their rights and obligations. At the same time, within the framework of the concept approved by the government, the possibility of tracking cryptocurrency flows and identifying users is already assumed. This should prevent the use of digital assets for criminal activities.
Earlier, the chairman of the Central Bank of Russia, Elvira Nabiullina, said that the legalization and regulation of cryptocurrencies in the country would not bring a significant inflow of funds to the budget. In addition, according to the regulator, the concept of the Ministry of Finance does not take into account all the risks of using cryptocurrencies.
Source: Bits
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