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A Russia parliamentary group favors cryptocurrency regulation but opposes outright prohibition

A working group of Russia’s Parliament has declared that “mechanisms” to control crypto transactions should be in place.

A State Duma (Russia’s lower chamber of Parliament) working committee has given its support to regulating cryptoassets rather than outright banning them, according to a report by Cointelegraph citing local media sources. The declaration came as the Central Bank of Russia (CBR) and the country’s Finance Ministry continued to discuss the future of cryptoassets.

According to the source, some 50 specialists participated in the Duma’s panel discussion titled “On the questions of cryptocurrency regulation.”

The group came to the conclusion that “effective and transparent” regulation of digital assets was preferable to outright prohibition, provided that procedures to “regulate cryptocurrency transactions” were in place.

The major takeaway from the study is the working group’s support for the Finance Ministry’s approach to cryptocurrency regulation. So, as opposed to the CBR’s desire for even more limitations.

The CBR proposed a ban on crypto mining and the circulation of digital currencies in Russia in January. The Finance Ministry quickly countered with its own criticism, claiming that digital assets should be regulated in the same way that fiat currencies are.

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