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Russian Finance Minister: Banning Bitcoin Is Just As Impossible As Banning The Internet

Russia is one of the countries where the regulatory status of Bitcoin and the cryptocurrency market in general remains unclear. However, it seems that Finance Minister Anton Siluanov doesn’t think banning cryptocurrencies is a viable option.

According to a recent Forbes publication, Siluanov believes that banning cryptocurrencies is the same as banning the internet.

The central bank wants to eliminate and ban cryptocurrencies, arguing that this poses a risk, mainly to the people, that can “infect” financial institutions and banks and create a payments market is not clear. However, the minister replied that this is like banning the internet, it is impossible.

Siluanov understands the risks the central bank is talking about, but reiterated that banning the sector is much worse than regulating it.

This is in line with recent statements by the administration.

This month, Russian Finance Minister will prepare a bill and even define a cryptocurrency as “a similar currency.”

However, after a meeting between Elvira Nabiullina (Director of the Central Bank of Russia), Anton Siluanov and Dmitry Grigorenko (Deputy Prime Minister), where the situation was discussed at a joint meeting, but did not attend the meeting, there is still no solution Union.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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