Russian Parliamentary Group Supports Crypto Regulation, Resist Outright Ban

  • The parliamentary group in Russia has decrelared that they support crypto regulations and are opposing the outright banning of it.
  • Russia’s Parliament’s working group has decrlared that there must be some sort of ‘mechanisms’ which will be able to control the transactions in the crypto world.
  • According to the report, almost 50 professionals participated in the Duma’s panel session.

A working group that belongs to the parliaments of Russia has now declared that there must be some sort of mechanism which will assist in controlling the transactions in the crypto world. According to some citing sources from the local media, and a report by Cointelegraph, the lower chamber of Russia’s Parliament, the working group has provided all their support in order to regulate crypto in a State Duma. They are also strongly opposing the outright banning of crypto assets.

As per the report, around 50 professionals had participated in the state Duma’s panel session dubbed as “On the questions of the regulation of cryptocurrency.” The panel made it clear that “effective and transparent” regulation regarding cryptocurrency and digital assets is preferred over the outright banning of them along with several mechanisms to have ac control over the transactions of cryptocurrency.

According to the report, the main reason why the actions will be taken is the working group’s support towards the Ministry’s approach towards regulation. Since people opposed the outright banning, it seeks even bigger restrictions on cryptocurrency.

In the month of January, CBR had announced a proposal in order to ban crypto mining as well as the use of digital assets and currencies in Russia. The Ministry of France quickly responded to the opposition, claiming that digital currencies must be treated the same way as fiat currencies are treated when it comes to regulations.

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