Russian Finance Ministry introduces its drafted crypto bill against Central Bank decision
The Russian finance ministry shocked the Central Bank of Russia through the introduction of its crypto regulation bill.
On 21 February, The Finance Ministry of Russia announced its crypto regulation framework, which aimed to bring regulation on the crypto industry and crypto services operating their businesses in the country.
The proposed bill of the Ministry will now go through the next legislative steps to be introduced in the parliament discussion and after that it will be introduced officially in the country.
“formation of a legal marketplace for digital currencies, along with determining rules for their circulation and range of participants,” ministry stated
Reportedly, under the bill regulation system every crypto company will be required to have a crypto license regime and also will go through many provisions like prohibition of the traditional laws like AML( Anti Money Laundering) and reporting of the financial transactions involved in crypto.
The more important thing of this drafted bill is to impose restrictions on any kind of crypto-related illegal activities by forcing the citizens to buy crypto assets with the payment through Banks directly to the platform. So there will be no p2p platform in the Russian Federation, to keep the crypto community of Russia under the network of the government only, instead of getting linked with other countries or offline deals.
Finance ministry kicked off a meeting with Central Bank
Reportedly a meeting was scheduled on 18 February between the Russian Central Bank and Finance Ministry but due to the renewed changed decision of the Central Bank on crypto to impose the ban, the Finance Ministry kicked off the meeting plan.
And now the latest step of the ministry showed that the Ministry and Government of Russia are ready to fight against the decision of the Central Bank so that they can keep the country and crypto community under a satisfying area to step with the innovations in the country.
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