The State Duma Called for Finding Ways to Regulate the Cryptocurrency Market in Russia Instead of Banning It
“Banning cryptocurrencies will not protect users from scammers. In such a complex and multifaceted topic as cryptocurrencies, it is hardly worth counting on the effectiveness of prohibitive methods. This will only lead to the development of the shadow market. Digitalization is declared as a national idea at the highest level - President Vladimir Putin regularly speaks about this. Therefore, a more balanced step would be a thoughtful search for ways to regulate the cryptocurrency market, taking into account its innovative potential,” he stressed.
According to the politician, the road map, developed with the participation of all interested structures and departments, can become the basis for the formation of a regulatory framework in this area. An analysis of the practice of its application will help to understand in which direction to move further, Khinshtein added.
“The most important thing is to exclude the use of cryptocurrencies by criminals and ensure the protection of citizens from fraud. A simple ban on the settlement instrument is not able to solve either one or the other task, ”concluded the deputy.
On the eve of the Ministry of Finance of the Russian Federation proposed to introduce new rules for cryptocurrency transactions without their prohibition. In the new concept, in particular, it is proposed to carry out operations with crypto-currencies through banks. Rosfinmonitoring also agreed with this position.