{"id":5908,"date":"2022-01-25T14:26:12","date_gmt":"2022-01-25T14:26:12","guid":{"rendered":"http:\/\/egrowonline.com\/?p=5908"},"modified":"2022-01-25T14:26:12","modified_gmt":"2022-01-25T14:26:12","slug":"russia-should-regulate-crypto-market-not-ban-it-says-finmin-official","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=5908","title":{"rendered":"Russia should regulate crypto market, not ban it, says finmin official"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p data-testid=\"paragraph-0\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">MOSCOW, Jan 25 (Reuters) &#8211; Russia should regulate the crypto market, not ban it, Finance Ministry official Ivan Chebeskov said on Tuesday, appearing to contradict the central bank, which last week proposed banning the use and mining of cryptocurrencies.<\/p>\n<p data-testid=\"paragraph-1\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Chebeskov, director of the finance ministry&#8217;s financial policy department, said the ministry had its own ideas about how to regulate the crypto market, while a lawmaker went one step further, reminding the central bank that the power to create legislation lies with parliament.<\/p>\n<p data-testid=\"paragraph-2\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. The central bank last week said financial stability, citizens&#8217; wellbeing and its monetary policy sovereignty were all under threat.<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/russian-cbank-proposes-banning-cryptocurrencies-crypto-mining-2022-01-20\/\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8\" rel=\"noopener\"> read more <\/a><\/p>\n<div class=\"RegistrationPrompt__container___1zFX4Y RegistrationPrompt__inline___1dXxON ArticleBody__element___3UrnEs ArticleBody__mobile-only___2w_rXL\">\n<div class=\"RegistrationPrompt__text-content___2uMAHH\">\n<h5 class=\"Text__text___3eVx1j Text__white___2ncio9 Text__medium___1ocDap Text__heading_5___3obGkm Heading__base___1dDlXY Heading__heading_5___3VJIV0 RegistrationPrompt__heading___wc_GPj\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button class=\"Button__button___3FFWBE Button__secondary___jc-Lu5 Button__round___1BK77J TextButton__container___32tQxA RegistrationPrompt__button-text___3ZNlNC\" type=\"button\"><\/p>\n<p><span class=\"Text__text___3eVx1j Text__inherit-color___30vgWE Text__bold___2wRTrQ Text__default___1Xh7Yh TextButton__medium___1vp1Wy\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p data-testid=\"paragraph-3\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">&#8220;The world has become very virtualised and I don&#8217;t think we can allow ourselves to just take a high-tech industry and ban it,&#8221; Chebeskov said at business daily RBC&#8217;s crypto asset conference.<\/p>\n<p data-testid=\"paragraph-4\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">&#8220;We don&#8217;t want these technologies to leave the country, they should absolutely be developed inside the country,&#8221; Chebeskov added.<\/p>\n<p data-testid=\"paragraph-5\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Andrei Lugovoy, a pro-Kremlin lawmaker, who heads the State Duma&#8217;s working group on crypto, said banning cryptocurrencies was the central bank&#8217;s initiative alone.<\/p>\n<p data-testid=\"paragraph-6\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">&#8220;There are no bans in our proposed amendments &#8211; it is not for the central bank to decide what to allow and what to ban,&#8221; he said.<\/p>\n<p data-testid=\"paragraph-7\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Britain accuses Lugovoy of carrying out the assassination of ex-KGB officer Alexander Litvinenko, who was poisoned in London in 2006. Lugovoy has always denied involvement. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/european-court-rules-russia-was-behind-litvinenko-killing-2021-09-21\/\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8\" rel=\"noopener\"> read more <\/a><\/p>\n<p data-testid=\"paragraph-8\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Fellow lawmaker Anatoly Aksakov poured cold water on the central bank&#8217;s proposal that cryptocurrency mining be banned, describing it as a growing business sector employing hundreds of thousands of people in Russia.<\/p>\n<p data-testid=\"paragraph-9\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Bitcoin and other cryptocurrencies are &#8220;mined&#8221; by powerful computers that compete against others hooked up to a global network to solve complex mathematical puzzles, a process that requires heavy use of electricity.<\/p>\n<p data-testid=\"paragraph-10\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Aksakov said there were obvious benefits from allowing crypto mining and suggested imposing higher electricity tariffs on miners and limiting the regions where they could operate.<\/p>\n<p data-testid=\"paragraph-11\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Bitcoin was down 0.8% at $36,423 in Tuesday trading. Ether , the world&#8217;s second-largest cryptocurrency, was down 1% at $2,420.<\/p>\n<p data-testid=\"paragraph-12\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">The central bank said it would continue to defend its tough stance.<\/p>\n<div class=\"RegistrationPrompt__container___1zFX4Y RegistrationPrompt__inline___1dXxON ArticleBody__element___3UrnEs\">\n<div class=\"RegistrationPrompt__text-content___2uMAHH\">\n<h5 class=\"Text__text___3eVx1j Text__white___2ncio9 Text__medium___1ocDap Text__heading_5___3obGkm Heading__base___1dDlXY Heading__heading_5___3VJIV0 RegistrationPrompt__heading___wc_GPj\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button class=\"Button__button___3FFWBE Button__secondary___jc-Lu5 Button__round___1BK77J TextButton__container___32tQxA RegistrationPrompt__button-text___3ZNlNC\" type=\"button\"><\/p>\n<p><span class=\"Text__text___3eVx1j Text__inherit-color___30vgWE Text__bold___2wRTrQ Text__default___1Xh7Yh TextButton__medium___1vp1Wy\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p><span class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__default___1Xh7Yh SignOff__text___2onKdN\">Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; Editing by Katya Golubkova and Bernadette Baum<\/span><\/p>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Our Standards: <a target=\"_blank\" href=\"https:\/\/www.thomsonreuters.com\/en\/about-us\/trust-principles.html\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8\" rel=\"noopener\">The Thomson Reuters Trust Principles.<\/a><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/russia-should-regulate-crypto-market-not-ban-it-says-finmin-official-2022-01-25\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MOSCOW, Jan 25 (Reuters) &#8211; Russia should regulate the crypto market, not ban it, Finance Ministry official Ivan Chebeskov said on Tuesday, appearing to contradict the central bank, which last week proposed banning the use and mining of cryptocurrencies. Chebeskov, director of the finance ministry&#8217;s financial policy department, said the ministry had its own ideas [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[98,62,4178,219,620,2556,1419],"class_list":["post-5908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-ban","tag-crypto","tag-finmin","tag-market","tag-official","tag-regulate","tag-russia"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/01\/reuters-default.png","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/5908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5908"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/5908\/revisions"}],"predecessor-version":[{"id":5910,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/5908\/revisions\/5910"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/5909"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5908"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}