The most recent update from the Russian crypto regulation affair reportedly revealed that the Ministry of Finance has reportedly come up with an initiative, possessing a completely opposite stance with the central bank’s attitude.

Specifically, the Central Bank of Russia reportedly rolled out a proposal for a prohibition to crypto trading and mining activities on a nationwide scale, with reasons related to volatility, environmental effect as well as utilization in illicit acts.

Nonetheless, the Russian Ministry of Finance has reportedly expressed an entirely contrasting attitude towards the proposal. 

Only days later after the proposal was put out, Ivan Chebeskov – an official from the ministry – reportedly claimed that it is necessary for the authority to introduce regulations for crypto, rather than enacting an outright ban. 

Per Chebeskov, the government should offer a chance for the sector to grow, and a ban like the kind the central bank proposed could make Russia lose the technology race with other nations. 

On 27th January, the ministry reportedly sent a letter to Dmitry Chernyshenko, deputy chairman of the government of the Russian Federation, carrying details of an official submission for a regulatory proposal to the authority. 

The proposal reportedly looks to establish a new framework for crypto use in the nation, with recommendations for crypto operations to be carried out under the scope of traditional banking infrastructure, rolling out mechanisms to identify traders’ personal information.

Per the ministry, coming up with proper regulations for crypto could reportedly bring about a variety of advantages, nominally increased tax revenue, as well as improving law enforcement’s ability to track criminal activity.