Russian Crypto Policy Is ‘Lacking,’ Lawmaker Fumes
A leading politician believes that the lack of regulation in the Russian cryptocurrency sector is undermining the government’s efforts to counter Western economic sanctions. Andrei Lugovoy, the First Deputy Chairman of the State Duma’s Committee on Security and Anti-Corruption, criticized Moscow’s inaction on crypto regulation during a forum organized by media outlet RBC. He called Russian crypto policy “bad to disgusting” and expressed his concerns about the impact it has on the country’s anti-sanctions policies. Lugovoy also criticized the government working groups responsible for crafting crypto regulation, stating that they have made no progress in introducing necessary legislation.
Russian Impasse: Regulation Still a Way Off?
Moscow established several government working groups to address the impasse between different ministries and the Central Bank regarding crypto regulation. While ministries favor the legalization of the Russian crypto sector, the Central Bank remains opposed to it and instead focuses on its digital ruble project. The ministries believe that legalizing industrial crypto mining will benefit the state coffers through taxation and boost the tech and financial sectors. However, despite numerous meetings, no progress has been made in introducing necessary legislation, according to Lugovoy.
Hot Take: Lack of Russian Crypto Regulations ‘Undermines Moscow’s Anti-Sanctions Policies’
A leading politician believes that insufficient regulation in Russia’s cryptocurrency sector is undermining the government’s efforts to counter Western economic sanctions. Andrei Lugovoy, First Deputy Chairman of the State Duma’s Committee on Security and Anti-Corruption, criticized Moscow’s lack of action on crypto regulation, calling it “bad to disgusting.” He expressed concerns about how this lack of regulation plays into the hands of Western sanctions policy against Russia and undermines anti-sanctions measures. Lugovoy also criticized the government working groups responsible for crafting crypto regulation, highlighting the lack of progress in introducing necessary legislation. This highlights the urgency for Russia to establish comprehensive and effective crypto regulations to address these concerns and protect its economic interests.
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