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Cryptocurrency requires regulation, not banning — Finance Ministry

The ministry prepared the concept for regulation of the cryptocurrency market and sent it to the government office for review

MOSCOW, January 25. /TASS/. Regulation of the cryptocurrencies market will make it possible to protect rights of citizens, department director of the Russian Finance Ministry Ivan Chebeskov said on Tuesday.

"The first that should be done is to protect interests of citizens, consumers of such services, those buying these assets or using the cryptocurrency in certain other process solutions. In this connection, from my point view, regulation is needed, rather than prohibition. Regulation will exactly make it possible to support transparency enabling protection of citizens," he said.

The Finance Ministry prepared the concept for regulation of the cryptocurrency market and sent it to the government office for review, the official noted.

"The Ministry of Finance is proactively participating in elaboration of legislative initiatives from the standpoint of regulation of such market. We have the prepared regulation concept that we are discussing inside the Finance Ministry and we have recently sent to the government office. We have no decision on this concept so far; there has been no official position of the government but nevertheless this is the area of our activity," Chebeskov added.

On January 21, the Bank of Russia published the report on cryptocurrencies, where the regulator suggested imposing a ban on issue, mining and circulation of cryptocurrencies in Russia.

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