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Former Russian President Dmitry Medvedev warns Crypto Ban Could Breed Adverse Effects

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Former Russian President Dmitry Medvedev warns Crypto Ban Could Breed Adverse Effects

Russia’s proposal to prohibit cryptocurrencies has provoked a wide range of reactions, with many others opposing the measure for various reasons. Former Russian President Dmitry Medvedev, who previously served as Prime Minister, has contributed to the chorus of critics who believe the move will be counterproductive.

Medvedev is also the deputy chairman of Russia’s Security Council. He told Tass that he hopes central bank officials will figure out a better approach to deal with the situation. However, he does not believe that the restrictions will achieve the goals set by regulators.

According to Medvedev, the Bank of Russia’s efforts for crypto regulation, which seek to outlaw crypto-related activities, may come to an end.

A Crypto Ban Would Stifle Innovation in Russia

Following the proposal’s publication on January 20th, several prominent figures in the country expressed their displeasure. Even the Ministry of Finance has spoken out against a blanket ban on cryptocurrency.

Medvedev’s remarks came just days after Russian President Vladimir Putin requested that the central bank and other government officials agree on proposed cryptocurrency legislation. Putin has reportedly asked the national government and central bank to agree on cryptocurrencies. Putin stated that a clear direction on cryptocurrency should be issued, citing risks such as extreme volatility.

The central bank of Russia recognized hazards and threats in its report on crypto and associated activities released on January 21st and urged a total prohibition. Trading, mining, and usage would all be prohibited due to this decision.

Maxut Shadayev, the Minister of Digital Development, and Anatoly Aksakov, a member of the State Duma, are among those who oppose the planned ban. The Russian Association for Electronic Communications (RAEC) also issued a statement condemning the plans, claiming that the ban would put Russia on the back burner and slow down the country’s development.

A total banning, according to Shadayev, might result in the country losing experts and specialists in the field of innovation. Meanwhile, Aksakov wants the government to declare cryptocurrencies legal, with measures to closely monitor and control the business.

Increased Crypto Regulation

Russia isn’t the only government considering prohibiting cryptocurrency or enacting more stringent rules on cryptos.

Earlier this year, India had a bill demanding a crypto ban reconsidered, while China announced a major crackdown on the crypto sector in 2021. Miners and large crypto companies were compelled to transfer to other countries due to the Chinese crackdown, which prohibited crypto mining and trade.

Although the US has not yet declared that it will take such action, industry insiders believe that the government will do so in the wake of recent revelations on the sector.

Despite the current regulatory uncertainty, many in the crypto industry and across conventional institutions feel that crypto and the underlying blockchain technology are “here to stay.”

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