Banning Bitcoin is Like Banning the Internet, Says Russia’s Finance Minister

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Russia is one of the countries where the regulatory status of Bitcoin and the overall cryptocurrency market remains dubious at best. However, it appears that Financial Minister Anton Siluanov doesn’t think banning them is an option that’s on the table.

  • According to a recent release by Forbes, Anton Siluanov – Russia’s Financial Ministry, believes that banning cryptocurrencies is like banning the internet.

The Central Bank wants to take and ban crypto-assets, cryptocurrencies, arguing that this creates risks, primarily for citizens, can “infect” financial institutions, banks, and create an opaque settlement market. This is the same as banning the Internet, which is impossible. – The minister argued.

  • Siluanov argued that the risks the Central Bank is talking about are understandable, but he once again reiterated that banning the sector is considerably worse than regulating it.
  • This falls in line with the authority’s recent statements.
  • As CryptoPotato reported earlier in February, the Ministry will be preparing a draft law and even define crypto as “an analog of currencies.”
  • Nevertheless, there’s still no resolution after a meeting between Elvira Nabiullina (the Chief of the Bank of Russia), Anton Siluanov, and Dmitry Grigorenko (Deputy Prime Minister), discussed the situation at a joint meeting but failed to come to an agreement.

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