The Russian president and the Finance Ministry proposed an idea to bring regulation to the crypto Industry instead of following the ban.
On 27 January, a video came into the spotlight and that video was a government officials Conference on crypto-related matters. The statement of Russian president Putin confirmed that Russia will adopt the crypto mining industry.
In the present time, Russia can generate low-cost electricity over other countries. So Russia will use this potential in the wealth generation by spending on crypto mining operations.
On the same day, RBC reported that the Finance Ministry of Russia officially submitted its crypto regulation Proposal to the Russian government deputy chairman Dmitry Chernyshenko.
On 26 January, the director in the Finance Ministry of Russia officially stated that they will submit their proposal to bring regulation on the crypto industry in Russia, no matter if the Bank of Russia wants a ban.
According to reports, the officially submitted proposal of the Finance Ministry has a separate regulatory framework for the crypto industry. Under the new regulation framework, some precise rules and regulations will cover every detail of crypto traders so that people remain under the regulatory domain and bad actors can be caught easily.
On the other hand, the Telegram founder also shared his stance on the crypto ban Proposal of the Bank of Russia. Telegram’s founder said that the crypto ban decision is wrong and with this Russia will not be able to bring restrictions on the bad actors but surely it will prohibit the growth of blockchain-related development works in the country.
India has the same situation As Russia
At present crypto trading is fully legal in Russia because the Russian government imposed a crypto bill on 1 January 2021 to allow the citizens to do trading legally. But now the Bank of Russia wants a ban on the crypto industry.
A similar situation can be seen in India. In India, the crypto industry is working under no rules but crypto exchanges are operating their services under traditional financial regulatory rules.
The Reserve Bank of India, Central Bank of the country, doesn’t want to see cryptocurrencies use in India. RBI took many decisions in the past to bring a ban on the crypto industry but later RBI revoked its decision because of the order of the Supreme court. India is in full favor to bring regulation for this crypto Industry.
These things are showing that the situation for the crypto community in Russia and India is the same. But it will be a matter of time before India introduces its own regulatory framework.
Earlier this, Finance Ministry proposed its crypto regulation bill but later it wa found that there is more need to work on the bill so that crypto industry can be covered more perfectly.