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Local banks should be able to handle crypto (report)


Anton Siluanov – Russia’s finance minister – believes that local financial institutions should have a universal license to facilitate cryptocurrency trading services. His stance is a far cry from the central bank’s proposal to impose a complete ban on all digital asset efforts. Another vote for regulation A few weeks ago, Russia’s central bank urged the local government to impose a blanket ban on all digital asset efforts within its borders. The institution argued that bitcoin and the altcoins are reminiscent of a pyramid scheme, undermine monetary policy sovereignty and threaten the local monetary system. Shortly afterwards, however, President Vladimir Putin and Ivan Chebeskov (member of the Ministry of Finance) opposed such strict legislation. The country’s leader believed that Russia could benefit from digital asset mining, while the latter stated that a regulatory framework is more appropriate than a Chinese-style ban. According to a report dated February 3, Russia’s Finance Minister – Anton Siluanov – supports that idea. In a letter to Prime Minister Mikhail Mishustin, he suggested that local banks be allowed to host digital asset services. In addition, Siluanov said that investing in cryptocurrencies should be treated in the same way as investing in gold or other precious metals. Still, Russia’s finance minister and the country’s central bank share some similarities in their views. They both think that digital assets cannot be legal tender within state borders. Siluanov noted that local investors own about 2 trillion rubles ($26 billion) worth of crypto. His assumption differs significantly from an estimate released by the Russian government earlier this week. It informed that Russians own about $215 billion in digital assets, representing 12% of the total value of the market. Anton Siluanov, Source: Bloomberg Binance finds Russia attractive It appears that the world’s largest cryptocurrency exchange – Binance – is not worried about the controversy in Russia. Last week, the company announced it plans to expand its services to the largest country by landmass and to some of its neighbors. Gleb Kostarev – Binance’s Eastern European director – acknowledged that the company’s goal is to get licensed where regulations allow. According to him, Russia would soon apply extensive rules to its crypto ecosystem. The director also pointed out that local investors generated an annual volume of digital asset transactions of about $5 billion, which is very attractive to Binance. Featured Image Courtesy of RT SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fee.
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