Russian Finance Minister: prohibiting encrypted money does not make sense


nnnThe Russian Finance Minister and some Russian government officials said it would not make sense to ban the encrypted currency, so the Treasury may regulate it as securities. And may draft a bill at the end of the year. The Chairman of the National Duma Financial Markets Committee will set up a working group to discuss how to monitor. Of course, due to excessive fluctuations in encrypted currency prices, regulation can not avoid the risk of trading.n
nnTranslation: Annie_Xun
nRussian Finance Minister Anton Siluanov said the department at the end of 2017 will monitor the use of encrypted money.n
nOn Friday, Siluanov introduced the government’s plan to regulate domestic money markets in the Moscow Financial Forum. Reuters reported that in response to a statement from former Russian government officials, Siluanov said that the ban on encrypted money does not make sense, the Treasury may treat digital money as securities.n
nMedia reports Siluanov said:n
nn”Of course, the domestic understanding of the encrypted currency is a reality, forbidding them meaningless. Possible supervision, so the Ministry of Finance will draft the bill at the end of the year.”n
nnHis comments are part of the other statements of the Russian government, demonstrating the possible policy initiatives by Russia at the end of the year.n
nEarlier this month, State Duma Financial Market Committee Chairman Anatoly Aksakov said it would set up a working group to decide how best to do with the tightening of monetary regulation regulations. He also hinted that the end of the year would pass the bill.n
nAt the beginning of the day the Russian central bank also said that in the conduct of digital currency supervision.n
nSiluanov said that although the government will regulate them, but the encrypted currency is still full of risks. Due to the nature of encrypted currency transactions, or there is a great risk of fraud. He pointed out that the technology is unsafe.n
nMinister of Economic Development Maxim Oreshkin agrees with the view that the encrypted currency is volatile and that financial institutions may find it difficult to carry out related transactions. The ups and downs of digital money are particularly worrisome.n
nLenta.ru reports that he told the Russian news network that:n
nn”We see it in a direction of the volatility is 10%, the other direction of the volatility is 10%, this financial instrument is not a good fact.”n
nnHe said that the regulatory market can prevent such rapid changes to ensure the security of encrypted currency traders.n

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