Positive momentum for cryptocurrencies in Russia persists with the Minister of Finance saying that it should be treated as an investment asset and suggesting that banks be authorized to provide related services.
Russian Minister of Finance Anton Siluanov reiterated the stance that cryptocurrency trading and mining should be regulated rather than banned, according to a report by local newspaper «Kommersant» citing a letter sent to Prime Minister Mikhail Mishustin.
Siluanov said that cryptocurrencies should be treated like another investment asset, suggesting that some Russian banks be granted licenses to function like exchanges.
Russian Crypto in Numbers
According to Siluanov, Russians own cryptocurrencies with a total value of about $26 billion.
Licensing for crypto trading and mining could also bring in an additional $2.3 billion in taxes.
Other Views
In addition to the Ministry of Finance, President Vladimir Putin also supports efforts to regulate crypto, citing energy surplus as an a competitive advantage for the country’s mining capabilities.
The head of the Russian Chamber of Commerce and Industry Sergey Katyrin also urged the Ministry of Finance in a letter to shift bitcoin mining out of the current «grey zone», according to a separate report by Russian news agency «TASS».
Not all are in favor of pro-crypto stance, with the Russian central bank proposing a blanket ban last month, citing potential risks to financial stability.
