Russia has also set a new deadline for crypto regulation, claiming it will reach consensus on the matter “within a month.”

Agreement on crypto regulation in Russia within a month

“The government is doing well. I think some sort of decision will be made quickly. I expect a decision will be made within a month.”Deputy Finance Minister Alexey Moiseev told Interfax.

However, Moiseev admits that the “main point” of similarities is that both she and the central bank are opposed to crypto payments. Unfortunately, this is likely to provide very little valuable discussion material – given that crypto settlements are already banned in Russia.

He continued:

“It is not yet clear how we will climb down from our surveillance positions. But we don’t want to do without compromises in the future either. I think as we work on that, some sort of compromise will form.”

Why is the crypto regulation treaty in Russia urgently called for?

The news comes after reports surfaced claiming that the Russian government values ​​the domestic crypto market at $214 billion — a volatile number that could put about 10% of all cryptocurrencies in Russian hands.

Bloomberg reports that “two sources” described as “close to the Kremlin” explained that Moscow produced estimates of crypto holdings by examining multiple data metrics, including the IP addresses of some of crypto’s busiest users. Stock exchanges in Russia.

As reported, President Vladimir Putin last week called for an end to a years-long standoff between pro-crypto forces in the government and the staunchly anti-crypto Central Bank. With cryptocurrency adoption in Russia on the rise and mining-related issues now becoming more pressing, MPs sought to speed up regulation by forming a government-central bank e-money working group.

The group is expected to meet for the second time this month, but is expected to mainly discuss semantic issues related to the term cryptocurrency and its use in this space.

But Putin’s intervention, openly urging the central bank and government to settle their differences and enact regulation, suggests the operator is now running out of patience with the standoff.

Before issuing its own statement, the Kremlin appears to have conducted its own research into the size of Russian citizens’ crypto holdings — hence the new calculations. MPs and the central bank have previously stated that they believe the Russians hold a large amount of tokens worth $65 billion.

In January, the central bank called for a total ban on cryptocurrencies and cryptocurrency mining — an option ruled out by both the Treasury and other ministries.

Since then, the central bank has repeated its call to ban cryptocurrency mining, citing environmental and social concerns.

However, some MPs reacted angrily to the requests, arguing that the central bank’s stance risked turning Russia into an international “joke”.

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