Russian ministry criticises bill banning crypto. The Ministry of Economic Development in Russia has sent a letter to the State Duma criticising the bill banning cryptocurrency.
The bill proposes a complete ban on the issuance and circulation of existing cryptocurrencies in the country, Russian officials share. It seeks to penalise legal entities and entrepreneurs engaging in these activities. Additionally, the ministry explained that the existing legislation for cross-border transactions does not protect the rights of cryptocurrency users. This will push all operations outside Russia, leading to economic losses.
In the letter, the ministry expresses the need to change the text of the bill to provide for “the creation of mechanisms for the controlled circulation of cryptocurrencies”. They may include establishing requirements for the issuance and turnover of cryptocurrencies and their operators.
It adds the need to establish procedures allowing crypto operators to carry out crypto-related activities. The letter continues, “Sub-legislative regulation of this issue is proposed to be attributed to the powers of the government of the Russian Federation (together with the Bank of Russia).”
The chairman of the State Duma committee said that the central bank “generally supports the bill with some changes”.