FX.co ★ To be or not to be? Russian authorities debate on cryptocurrency

The Bank of Russia's initiative to restrict cryptocurrency trading and mining, as it could lead to financial instability, caused a hot dispute. The Ministry of Finance is among those who disagree. Nevertheless, a compromise has not yet come to light.

According to Anton Siluanov, Minister of Finance, he believes that the controversy will be resolved and the bill to regulate cryptocurrencies will be approved by the end of the year.

He also mentioned that the Ministry of Finance offers to identify crypto traders, thus making this business more clear and honest.

However, this point is quite controversial, as one of the advantages of cryptocurrencies is their anonymity, which is lost with providing law enforcement with data of money transactions.

In its turn, the Central Bank disagrees with the proposal of the Ministry of Finance on legalization and stands firm on the position of a complete ban on cryptocurrency operations.

The bank has previously blamed speculative demand for the rapid growth of cryptocurrencies and warned of potential bubbles in the market.