Following various cryptocurrencies in the country, the Russian government is currently discussing the potential of having a digital currency in Russia. In addition, the government anticipates offering other legislations of cryptocurrencies.
The government has conducted meetings to create this legislation at the White House in Moscow. The minutes recorded in the forum were published in a local newspaper Kommersant.ru and later quoted by Bitcoin.Com reports.
Some of the financial institutions view that there be a blanket ban on cryptocurrencies. However, the Ministry of Finance is pushing for strict rules and regulations for cryptocurrencies and does not acknowledge Bitcoin as a legitimate means of payment.
If the country passes the legislation, then the country will possess digital money that the government controls.
The Central bank has proposed a ban on cryptocurrency
The Central Bank of Russia recently proposed that cryptocurrency be banned altogether. However, the finance ministry proposed clear and strict rules in dealing with the currency that will have everyone on the same page.
Following the proposed ban by the Central Bank of Russia, various leading government officials gave their reactions. Officials such as the former president of Russia Medvedev stated that the ban would only give rise to negative results. Most citizens of Russia have also displayed their disapproval of the ban.
President Putin, Russia’s current president, noted that the Central Bank could not forbid the country’s technological progress. He further added that the bank should introduce methods to integrate the latest technologies in the country.
Sergey Katyrin suggests Russia should consider mining a business
The chairman of the Russian Chamber of Commerce, Sergey Katyrin, issued a statement stating that the government should view the mining of digital currencies as a business. He added that classifying it as a business would guarantee certain benefits, such as tax, among others.
The former president released the statement following the Ministry of Finance’s development of crypto-related activities. The debate of Russia’s proposed legislation has a lot of observers watching it closely. The reactions will, in turn, affect the adoption of cryptocurrency in the country. Therefore, Russia’s cryptocurrency adoption will lead to positive or negative impacts.