Banks in Russia should be allowed selling crypto, said Minister of Finance
Russia crypto ban FUD caused a market crash for everyone to remember. The nation's central bank recently proposed a blanket ban on cryptocurrencies and mining-related activities. Furthermore, the Minister of Finance Anton Siluanov said that cryptocurrencies should be legalized through banks.
Finance Minister of Russia writes a letter
The Finance Minister of Russia wrote a letter to Prime Minister Mikhail Mishustin on Wednesday, as per a report from the newspaper Kommersant. While the central bank of the nation wants to ban crypto-related activities, including mining, the Finance Minister wants to allow banks to buy and sell cryptocurrencies.The Bank of Russia and the Finance Ministry agree on the fact that cryptocurrencies cannot be legal tender in the nation. Siluanov added in his statement that the country could allow banks to provide cryptocurrency-based services and establish licensing rules for banks and businesses as well.
Siluanov also said that the nation should follow a transparent blockchain system where all the transactions are visible and recorded. Moreover, the Bank of Russia and Rosfinmonitoring, Russia's anti-money laundering (AML) agency, should partner up and regulate the market of these digital assets.
Atomyze as First Digital Asset Issuer
The Bank of Russia also approved Atomyze as the first digital asset issuer in the nation. Atomyze, a digital ecosystem that facilitates the tokenization of assets and services, will be able to legally issue tokens in the nation. The firm had applied for approval in the month of January 2021, along with notable firms like Sberbank. The regulatory authorities took almost a year to confirm the approval.It seems that Russia is taking a regulated approach to cryptocurrencies, and soon the nation will have a clear stance on cryptocurrencies. However, banning cryptocurrencies is something that almost every nation is not very keen on doing.
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