The Governor of the Bank of Russia had earlier stated that a ban on bitcoin was quite accomplishable in Russia. Elvira Sakhipzadovna Nabiullina is a Russian economist and Governor of the Central Bank of Russia.
Minister Anton Siluanov of Russian economics/Finance has announced that the Bank of Russia continues to request the federation to ban crypto in the country. Russian Finance Minister argue that impossible to ban cryptocurrencies such as Bitcoin (BTC).
Forbes Russia announced Wednesday that Auton Siluanov proclaimed at the service’s informing with the central bank. Russia can’t ban crypto Bitcoin because banning crypto Bitcoin equals a ban on the internet. As you know, the drawbacks of banning the internet and what difficulties people will face. So, banning crypto such as Bitcoin is impossible.
The Siluanov Finance minister of Russia announced:
“There is a better solution for banning if we start to direct/regulate the cryptocurrency production quickly rather than a crypto ban. By doing this government will allow screening the market and growing accounts. Crypto mining also helps to high the country’s budget by using taxes.”
And in Bitcoin mining Russia is the world’s third most largest player. Bitcoin mining is the blockchain ledger of the computing system. The process of crypto Bitcoin mining helps to earn digital currency without paying for it.
Finance Minister says that I am not sure about the problem of banning. And why Russia should be banned crypto. Auton Siluanov announced in ministry informing, he said there is a simple result for taxing. The Government should grip taxes from the registered yield on the transaction of fiat resources.
The Finance minister Russia said :
The National Bank wants to set a complete ban on the crypto Bitcoin industry, claims that this ban makes the risks higher, firstly it affects the natives and then financial organizations. In addition, the banks make a vague reckoning market.
Siluanov said: The idea of regulating the cryptocurrency (crypto Bitcoin) industry will commence earlier in February. The finance federation confesses these issues and they also consider it crucial to regulate the cryptocurrency (crypto Bitcoin) advertisement by amateur merchants. Siluanov announced that the trading between non-professional traders would set between 50,000 Russian rubles ($660) to 100,000 rubles ($1,300). Alexei Moiseev advised Siluanov to set the limit for these purchases up to ($660).
Associated with:Russia Government and The Central Bank:
The Central Bank of Russia announced the ban on crypto Bitcoin in payments, funds, investment and mining of crypto Bitcoin. For ages, Russia has claimed against the cryptocurrency that it is illegal and unauthorized. In 2020, Russian authorities accept cryptocurrencies (crypto Bitcoin) are legal but still do not allow cryptocurrencies in payments. So In Russia, the use of crypto Bitcoin in payments is not allowed. After legally recognition of crypto Bitcoin Russia banned the use for transaction.
Ban on Crypto Bitcoin in Russia is ‘quite accomplishable’
The Bank of Russia does not refer to the idea of purchasing crypto Bitcoin at any cost to non-professional investors. They mention the risks of scams, fraud mining and tax evasions. The Bank of Russia doesn’t support crypto mining.
Finally, after years of debate, the Russian government and the Bank of Russia have accepted crypto Bitcoin. And finally, they have a mutual understanding of cryptocurrency regulation in the country. They agree to start regulating cryptocurrency (crypto Bitcoin) rather than a crypto ban.