Siluanov: If someone wants to ban cryptocurrency, then the Internet should be banned – Rosbalt

The head of the Ministry of Finance of the Russian Federation, Anton Siluanov, is convinced that the legalization of cryptocurrencies in Russia is preferable to a ban, since then it would be necessary to “ban the Internet.” He stated this in an interview with the Russia-24 TV channel.

As the minister pointed out, his department is currently analyzing the “experience of other countries” in taxing crypto assets, TASS reports.

At the same time, according to Siluanov, at the moment the main issue is the process of recognition and legalization of crypto assets. “Cryptocurrency is a product of the Internet, and if we want to ban cryptocurrency, then we need to ban the Internet. <…> We believe that legalization is always better than a ban that can be easily bypassed,” the minister is sure.

In his opinion, cryptocurrency mining in Russia should be legalized, but a special code should be assigned to this type of activity.

The head of the Ministry of Finance also hopes that the bill on cryptocurrencies will be adopted this year.

Recall that earlier the Chairman of the Central Bank of the Russian Federation Elvira Nabiullina expressed the opinion that the concept of the Ministry of Finance to regulate the cryptocurrency market does not eliminate the existing risks. Moreover, the head of the regulator claims, the implementation of this concept may lead to new threats. In this regard, the regulator sent to the government its position regarding the approved concept of cryptocurrency regulation.

Prior to this, the Cabinet of Ministers published a concept for the regulation of cryptocurrencies. According to it, cryptocurrency users will be divided into qualified and unqualified investors. The Ministry of Finance believes that conducting transactions through banks will ensure proper control over such transactions and the identification of all participants.