The finance ministry of Russia officially submitted a crypto regulation proposal 
Crypto adoption is taking another twist in Russia despite the huge support of the Central Bank in favour of the crypto ban.
Since the last couple of months, the Russian crypto community has seen huge tension. On one side the Bank of Russia proposed its report to bring a crypto ban, then on the other side, few other government agencies supported the crypto industry against the Bank of Russia.
On 27 January, RBC reported that the Finance Ministry officially submitted its proposal of crypto regulation to Dmitry Chernyshenko.
Dmitry is deputy chairman in the government of Russia and now he will give his personal opinion and statement on this proposal submitted by the Finance Ministry in favour of crypto adoption.
According to available reports citing this matter, the new proposal of the Ministry contains a new regulatory framework for this crypto industry, which will introduce a more closed infrastructure of the traditional banking system and crypto industry. And also under new rules, all the crypto traders will go through strict compliance to follow all rules. This framework will cover every precise detail of the people, who are involved in crypto-related activities so that all the crypto traders can be identified perfectly.
Ministry officials also noted that currently, Russian citizens are holding 2 trillion Ruble worth of crypto assets. If the government will impose a ban then it will result in a very big risk. And if the government will not adopt this industry under perfect rules and regulations then in that situation it will result in crypto in a black market for the citizens, which means people will use this industry illegally.
Pavel Durov, the Telegram founder, also shared his stance on the crypto ban proposal of the Bank of Russia and claimed that imposing a ban on the crypto industry may not bring control on the bad actors but it will surely impact negatively on blockchain-based development and evolution in the country.
A video conference statement of 26 January confirmed that Russia is in favour of crypto mining regulation because of electricity energy at low cost, even under huge competition in the world.
Read also: Ethereum co-founder on Non-Transferable NFTs
