cryptocurrency
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The Russian government can't agree on a crypto ban

After the Central Bank of Russia called for blocking bitcoin and other digital currencies, a top official at the country's Ministry of Finance said Russia needs crypto regulation, not a blanket ban.

A crypto coin covered in black crystals

Regulation, or a total ban?

Photo: Executium/Unsplash

Russia’s Ministry of Finance is opposed to the Central Bank of Russia’s proposed crypto ban, calling for regulation instead of a complete ban.

“Regulation is sufficient to protect our citizens,” Ivan Chebeskov, the head of the financial policy department at the ministry, said in a conference on cryptocurrencies on Tuesday. He added that the ministry has prepared a set of proposed crypto regulations awaiting government evaluation and approval.

The Central Bank of Russia proposed a full ban on cryptocurrencies in a report released earlier this month, adding to an existing ban on using crypto in payments and prohibiting mutual funds from investing in crypto. The report cited crypto's effect on Russia’s financial stability, as well as concerns about crypto mining’s impact on the energy supply. Russia is the third-largest crypto-mining country in the world, with over $5 billion worth of crypto transactions conducted every year, according to a Central Bank report.

The Ministry of Finance isn’t alone in its criticisms. Many within the tech and political spheres have voiced their concerns.

“No developed country bans cryptocurrencies,” Telegram founder Pavel Durov wrote in a tweet. “These technologies improve the efficiency and security of many human activities, from finance to the arts.”

The U.S. has found itself struggling to regulate crypto as well, with federal agencies like the SEC, CFTC and OCC competing to take the lead. The White House is reportedly poised to issue an executive order next month outlining a clearer approach to regulating crypto with a directive asking for agency reports later this year.

Lindsey Choo
Lindsey Choo is a former Protocol reporter covering fintech. She is a graduate of UC San Diego, where she double majored in communications and political science. She has previously covered healthcare issues for the Center for Healthy Aging and was a senior staff writer for The UCSD Guardian. She can be reached at lchoo@protocol.com.
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