Experts believe the Russian crypto community will get positive news on crypto regulation on 11 Feb

By Franklin On Feb 7, 2022

Government officials will hold a meeting on the crypto industry’s future soon before the middle of this month.

Russia is a country that is not sure about its stance on crypto. In 2021, Russia introduced its legal framework to regulate the crypto industry but did many works to prohibit the circulation of the crypto industry in the Russian federation. The central bank of Russia is working to bring a blanket ban on the crypto industry but not getting success because of the major support by other government officials in favour of the crypto industry.

According to reports, Russian government officials will hold a meeting on the crypto industry’s future on 11 February. In the meeting, they will discuss whether to choose an option to regulate the industry or just impose a blanket ban.

As per experts’ point of view, the government will adopt the Industry but under certain strict rules and regulations to prohibit the illicit actors’ involvement in the crypto industry.

Experts noted that there are two major supports in Russia for crypto adoption. The first one is the support of Russian President Putin, who believes that Russia can take huge benefits from the crypto mining industry with the use of its low-cost electricity.

The second major support is coming from the Finance Ministry, which is supporting the crypto industry regulation in proper ways instead of following ban provisions.

Besides all these, the Central Bank of Russia is not trying to leave its stand to impose a ban on the crypto industry and also trying to encounter the crypto industry because of its association in the fund’s Transactions outside the country without knowing anyone against the rules and regulation of the country.

A data report of the Bank of Russia claimed that the majority of the citizens want to see ban laws on the crypto industry. On the other hand, a few public surveys revealed that the majority of the people want to support this industry and they don’t want any kind of ban.

All these things are giving a precise hint that Russia may follow a regulation path instead to kick out this industry from the country because here people are not only looking for opportunities but also people are dependent to generate monthly income like a normal non-crypto job. Many crypto traders are 100% dependent on the crypto-related jobs, instead of having any practical life job, so these things are giving clear hints that Russia may not take such kinds of decisions, where citizens may follow sudden issues.