Tatarstan wants to become a pilot zone to regulate the Russian crypto market — RealnoeVremya.com
However, Tatarstan considers the Central Bank’s proposal to ban cryptocurrencies to be fair
A public test zone for cryptocurrencies can be created in Kazan. Tatarstan’s Minister of Digital Development, Communications and Mass Media Ayrat Khayrullin made such an offer.
Khayrullin called the Central Bank’s recent offer to ban cryptocurrencies and their mining in Russia fair and pointed out that cryptocurrency transactions amount to $5 billion annually and that more than 200 million people were involved in it.
The Republican Minister offered to agree with the Central Bank, the Federal Security Service and the government on a pilot zone under the Experimental Legal Regimes and Digital Financial Assets Acts. It is expected that with the help of the pilot area, it will be possible to see “how these infrastructure elements operate under state and regulatory control”.
In this context, Khayrullin mentioned the experience of Innopolis where an unmanned taxi project was implemented on a trial basis.
The Central Bank said it considers the development of mechanisms blocking transactions to buy or sell cryptocurrencies with a regular currency as a necessary measure. The Central Bank fears that using cryptocurrencies to pay for goods and services creates a risk that the ruble will lose its sovereignty.
After that, the Russian Ministry of Finance developed a concept to regulate the cryptocurrency market. Director of the Department of Financial Policy of the Ministry of Finance, Ivan Chebeskov, said that it is not necessary to ban the use of cryptocurrencies, it is more effective to regulate this area.
Telegram founder Pavel Durov is also against the Bank of Russia ban. According to him, this will lead to a flight of computer scientists and the destruction of certain sectors of the high-tech economy.
Putin Thinks Russia Has Competitive Advantages in Cryptocurrency Mining
Russian President Vladimir Putin also spoke on this issue on January 27. He claimed to have heard of discussions on cryptocurrency regulation, then asked the Central Bank and the government to reach an agreement and report on the results.
“The Central Bank is not an obstacle on our path to technological progress and is itself making the necessary efforts to introduce the latest technologies in this field. When it comes to cryptocurrencies, the Central Bank has its own opinion. Central Bank experts say that the expansion of this activity carries certain risks, first of all, for the citizens of the country,” the president added.
At the same time, Putin thinks Russia has competitive advantages in cryptocurrency mining.