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Economic ministry warns against crypto ban in Russia

crypto confiscation

In response to the Crypto ban in Russia by the country’s government, the ministry of economic development has raised its voice against the ban. They believe that placing a ban on crypto trading in Russia would only lead to a surge in crypto black-market that cannot be controlled.

The ministry in a letter made its stand against the crypto ban in Russia known as criticizing the draft bill by lawmakers in the country. The lawmakers proposed criminalizing the use of crypto with strict new regulations to control the digital assets. Unlike the legislature, the ministry believes that a ban on crypto in the country would still not put an end to crypto trading in Russia.

Ministry’s recommendation against the crypto ban in Russia

The ministry that the bill, when it becomes law, will do little to stop crypto use in Russia. Local sources in Russia that got the ministry’s letter explained that Russians would still be able to buy crypto assets elsewhere as the bill passed would not allow the government to protect their rights.

Firms that also deal in cryptocurrencies would also be forced to leave the country and continue their businesses elsewhere, especially as the country is a significant crypto market and home to several blockchain developers.

Hence, the ministry recommends that the new rule should focus on creating a controllable cryptocurrency market in the country.  Globally, crypto regulations are begging to take a new form with regulators trying to pay attention to the industry more.

Russia’s central bank to oversee the crypto industry

As part of the ministry’s recommendation against the crypto ban in Russia, they suggest that the government sets up a procedure for users and issues of crypto in Russia. Likewise, the Central Bank of Russia should be in charge of enforcing crypto laws and regulating the crypto space in Russia. However, the Apex Bank is of a different view on cryptocurrencies. Executives of the Apex Bank are in support of laws that would place a ban on the use of crypto in the country.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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