The Ministry of Economic Development opposed the ban on crypto assets in the Russian Federation

Representatives of the Ministry of Economic Development of the Russian Federation sent a letter to the State Duma, which outlines the position of the department regarding amendments to the bill “On digital financial assets”. Criticism touched on changes that could become a catalyst for the creation of a “uncontrolled black market” in the country.

So, according to the Ministry of Economic Development, the updated normative act will only become a catalyst for transferring finances to accounts in foreign jurisdictions, which will lead to losses in the national budget. To avoid this situation, officials propose adopting rules for the issuance and distribution of digital instruments in the country and go over to their regulation in the face of operators from the state. It is proposed that the government and the Central Bank, which currently stands for strict restrictions on the distribution of cryptocurrencies in Russia, be appointed responsible.

In turn, the proposals of colleagues were supported by the head of the State Duma Financial Market Committee Anatoly Aksakov. “We don’t need approval, we need criticism,” he stressed, commenting on the statement of the Ministry of Economic Development.