The Ministry of Economic Development of Russia sent a letter to the State Duma criticizing a new package of bills regulating digital currencies and assets.
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According to Kommersant, the ministry believes that a complete ban on the issuance and circulation of cryptocurrencies, as well as the introduction of criminal and administrative liability, will lead to losses for the entire Russian economy.
The Ministry also notes that if the bill is passed, the authorities will not be able to protect the rights of users of digital currencies.
The MED proposed to change the concept of documents from virtually prohibitive, creating "mechanisms for the controlled circulation of cryptocurrencies." Among them the definition of requirements for operators of their release and turnover, as well as to allow their activities with state control mechanisms.
Anatoly Aksakov, chairman of the State Duma’s financial market committee, said he welcomed criticism from the MED. He also added that the Central Bank of the Russian Federation supports the bills “with some changes,” and the Finance Ministry has not yet provided comments.