Recent comments made by the Russian director for
financial policy raised hopes for Russia to soften its stand on crypto. Ivan
Chebeskov, a director within the Ministry of Finance, has come out in support
of regulations for crypto instead of banning it.

His statement came as a response to the Russian central
bank proposing a blanket ban on crypto mining and trading.

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Chebeskov suggested that cryptocurrencies should be
regulated as completely banning cryptocurrency operations and mining will lead
to the country lagging behind the worldwide tech industry.

​The Russian director said “We need to give these
technologies the opportunity to develop. In this regard, the Ministry of
Finance is actively involved in the development of legislative initiatives in
terms of regulating this market.”

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He added that it is essential to protect the interests of
citizens, consumers of such services, buyers, or users of the cryptocurrency in
certain other process solutions. “In this connection, from my point of view,
regulation is needed, rather than prohibition. Regulation will exactly make it
possible to support transparency enabling protection of citizens,” he
said.

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During the RBC crypto conference held on Tuesday,
Chebeskov said that the Russian ministry has prepared a proposal for the regulation
of digital assets and is waiting for the government’s position on the matter.

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Bank of Russia published the report on cryptocurrencies
on January 21, where the regulator suggested imposing a ban on the issue,
mining, and circulation of cryptocurrencies in Russia. Private players opposed
the proposal to ban cryptocurrencies in Russia. Telegram CEO Pavel Durov said
that the proposed ban on crypto would destroy a number of sectors of the
high-tech economy.

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Before joining the Kremlin, Chebeskov enjoyed an
illustrious career at various Russian and European investment banks. He has
been vocal in favor of digital currencies in the past.

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In Russia’s neighboring countries such as Georgia and
Kazakhstan, anti-crypto sentiment is widespread. El Salvador’s recent state
visit to Moscow and pro-crypto statements in the Russian Federation could bring
a surprise for the crypto industry in Russia.