A simmering dispute over cryptocurrency regulation in Russia heated up on Friday as the finance ministry submitted legislative proposals that clashed with the central bank's demand for a blanket ban.
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The Bank of Russia has proposed banning cryptocurrency trading and mining due to the threat digital currencies pose to financial stability. The finance ministry disagrees and President Vladimir Putin has called on authorities to find a consensus.
Finance Minister Anton Siluanov told state TV channel Rossiya-24 on Friday that he hoped disagreements could be ironed out and a bill regulating cryptocurrencies passed by the end of the year. He said the government would take the final decision.
"I hope that, in the best-case scenario, it could be passed in the spring session," Siluanov said, though he acknowledged that broader debates may prolong its passage.
Siluanov said his ministry proposed identifying crypto traders, which he said would separate the "white" market from the "grey" market.
Giving law enforcement the power to trace money flows and transactions may diminish one of cryptocurrencies' major selling points - their anonymity.
"The Russian government...appears to have taken the position that crypto assets are here to stay and is contemplating legislation with the aim of bringing the industry 'out of the shadows' and creating an opportunity for legal business," said David Henderson, senior associate at Browne Jacobson.
