The State Duma opposed the ban on the crypto industry

Representatives of the State Duma expressed their disapproval of the initiative of the Central Bank to ban the circulation of cryptocurrencies in the country.

Lobbying for a ban on the crypto industry in the country is not supported by the State Duma, the Ministry of Internal Affairs, the FSB, and the Prosecutor General's Office.All departments believe that a total ban on cryptocurrency circulation in the country will translateThe market is in the gray zone. 

Deputy Chairman of the Security Committee andanti-corruption Andrei Lugovoy said that Russia will not only lose the opportunity to control the industry and replenish the budget, but will also look like “a laughingstock to the whole world.” In addition, he believes that technically implementing such a ban – impossible. 

According to Lugovoi, the position of the Central Bank regardingthe crypto market is not clear and not argued. The regulator supported the introduction of operations with digital assets into the legal framework of the country and participated in the development of the first version of the law “On Digital Financial Assets”. However, now the Central Bank has sharply changed its mind, and refuses to agree on the amendments to the law approved by the government, blocking its further consideration. The Federal Tax Service (FTS) is also concerned about the position of the financial regulator, which does not allow crypto assets to be included in the tax base.

Head of the State Duma Committee on the Financial MarketAnatoly Aksakov said that the report of the Central Bank is an occasion for a long discussion. In his opinion, the discussion and coordination of the positions of departments may take up to six months. And it’s not worth talking about a complete ban on the crypto industry in Russia yet.

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