Recent reports report that Russia’s top officials have reached out in action to control crypto despite President Vladimir Putin calling for top officials to compromise copy and find a meeting point. The head of the Russian Central Bank Elvira Nabiullina has voiced her opposition to Russia’s plans to allow cryptocurrencies in the country.
Although Putin called for some agreement to be reached, senior government officials failed to reach an agreement on how to control the cryptocurrency at Tuesday's meeting.
Based on information that did not disclose the name of the nominee stated that Elvira Nabiullina, head of the Bank of Russia, Finance Minister Anton Siluanov, and Deputy Prime Minister Dmitry Grigorenko are still deadlocked and disagree with each other. So far no comments have been issued from the central bank or the Finance Ministry.
In January, President Vladimir Putin had called for an immediate solution, but authorities have yet to propose a clear policy on cryptocurrencies. The Kommersant newspaper reported last week that the Ministry of Finance and the Central Bank will prepare a draft law on the matter by 18 February.
However, the Central Bank has proposed a ban on cryptocurrencies on the grounds that they pose too much risk. Existing Russian law recognizes crypto as a form of asset but prohibits it as a currency for payments.
In other words, cryptocurrencies remain a largely unregulated sector. Nevertheless, a recent government paper estimates Russians own about 2 trillion rubles ($ 26 billion) in the crypto market.
