Russian FinMin hopes government will help regulate crypto market

Russian FinMin hopes government will help regulate crypto market

MOSCOW- The Russian finance ministry does not want to ban circulation of cryptocurrencies as advocated by the central bank and hopes the government will help solve the crypto market regulation dilemma, Finance Minister Anton Siluanov said on Wednesday.

The Bank of Russia has proposed restricting cryptocurrency trading and mining due to concerns it may cause financial instability. But the finance ministry disagreed and President Vladimir Putin called on authorities to find a consensus.

The finance ministry and the central bank have been arguing about cryptocurrency regulation for a year and a half, Siluanov said, adding that the government is now expected to find a solution.

"We will go to our superiors with these disagreements to try to solve the discords," Siluanov told reporters.

By the end of this week, the finance ministry is due to file its proposals to the government on how to regulate cryptocurrencies, which Russians have used in annual transactions worth about $5 billion.

"If we ban cryptocurrencies, then we need to ban the internet. We don't use the methods that China uses," Siluanov said.

The Bank of Russia has previously said the country needs a further adjustment of its cryptocurrency regulation, pointing to the experience of China and India.

In September, China intensified