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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