Russian Government rejected the Central Bank’s decision to ban Crypto

• Vladimir Putin (President of Russia) rejected the Central Bank’s decision to Cryptocurrencies and Bitcoin in Russia.

• President Putin supports Bitcoin mining in Russia.

• Vladimir Putin also stated that Russia has many advantages in this sector due to the climate of Russia.

• Russian Government also Agrees on roadmap to regulate Cryptocurrencies.

Past few days ago, Russia’s Central Bank proposed a total ban on issuing, use, investing, training and mining of Cryptocurrencies like Bitcoin in the country. But this decision made by Central Bank of Russia met with opposition from members of Russian Government and Parliament in Moscow.

Due to this Ban on Cryptocurrencies by Russia’s Central Bank prices of all Cryptocurrencies including bitcoin falls down and whole Cryptocurrencies market suffers a big loss.

This week, The Finance Ministry of Russia joined the front against the Central Bank of Russia. The head of Russian Finance Department Ivan Chebeskov, stated that the crypto market needs to be regulated, not banned. In his view the important task for now is to provide protection to the interests of investors and residents who use or trade Cryptocurrencies, which requires regulation not prohibition which may impact loss to the people.

The Finance Ministry of Russia has prepared it’s own proposal for the regulation of Cryptocurrencies without prohibition. The Finance Ministry suggests all Cryptocurrencies related transactions should be carried out through Russian Banks. It also calls for KYC verification for Russians owning crypto Wallets and dividing investors into 2 groups- qualified and non-qualified.

While Addressing to his members of Russian Parliament President Vladimir Putin Stated:

I would ask both the Government of Russia and the Central Bank to come to some kind of unanimous opinion during the discussion, and I would ask you to hold this discussion in the near future, and then report on the results that will be achieved.

Vladmir putin also highlighted Russia’s “competitive advantage” in field of Crypto mining. President Putin pointed surplus of electricity energy rich Russia and also climate of Russia which is best for Crypto mining.