Control over circulation of cryptocurrencies in Russia may be transferred to banks

The day before, the Ministry of Finance came up with an initiative to regulate activities in the field of cryptocurrency trading.  The department made a proposal not to introduce a complete ban on operations, but to provide legislative tools for regulating and controlling the industry.

It was not easy to decide the fate of cryptocurrencies in Russia. The Central Bank of the Russian Federation earlier spoke in favor of introducing a complete ban on the operations with them, but the Ministry of Finance, in turn, believes that this will destabilize the industry and increase the number of fraudulent activities. Vladimir Putin has already called on the Central Bank of the Russian Federation and government to come to a consensus on this issue.

The ministry’s proposals are to transfer cryptocurrency transactions to the banking sector, giving credit institutions the right to control them.

The Ministry of Finance expressed the opinion that banks with universal licenses will be able to perform such functions. As part of their activities, it was proposed to create new subjects of regulation, RBC reports.

Additionally, it is proposed to grant the right to conduct operations with cryptocurrencies to both individuals and companies. At the same time, all of them will first have to go through identification, as well as open a bank electronic wallet. Individuals will be additionally divided depending on the qualifications. However, the latter measure is already working - unqualified investors are required to pass tests, and the volume of their transactions has certain restrictions.