The head of the financial policy department of the Russian Ministry of Finance, Ivan Chebeskov, has said the ministry is against banning cryptocurrencies in the country. The agency has developed a concept for regulating the market and sent it to the government. Chebeskov has said:
"Here it is necessary to give the opportunity to develop these technologies (mining, etc.). In this regard, the Ministry of Finance is actively involved in the development of legislative initiatives on regulating this market. And, in turn, we have a prepared regulatory concept, which we are discussing within the ministry and now we have sent it to the government."
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According to him, the authorities should protect the interests of citizens who buy cryptos or use them in technological solutions:
"In this regard, of course, in my opinion, it is necessary to regulate, not to ban. Regulation will only ensure transparency that will ensure the protection of citizens."
Chebeskov has also stressed the world has become highly virtualized and technologies are developing at such a speed that Russia cannot afford to "simply take one of the high-tech industries and somehow ban it."
The Bank of Russia, the country's central bank, last January 20 proposed to ban the issuance, circulation and exchange of cryptocurrencies in the country.