Deputy Finance Minister Alexei Moiseev said that the concept of the Russian government on cryptocurrencies takes into account all the risks indicated by the Central Bank. It is reported by RIA Novosti.

“Understanding regulation excludes the possibility of a parallel financial system appearing in Russia, introduces clear and understandable rules of the game for market participants, and creates tools to protect the rights of investors, including existing ones,” he said.

Moiseev noted that in the event of a ban on cryptocurrency in Russia, millions of people could automatically become violators of the law.

He added that a ban on cryptocurrencies and mining would slow down the development of new technologies and services, and would also lead to an outflow of specialists abroad.

Earlier, the Cabinet of Ministers approved the "Concept of legislative regulation of the mechanisms for organizing the circulation of digital currencies", according to which the circulation of cryptocurrencies will be regulated by the state with a "focus on protecting the rights of ordinary investors."

Various departments participated in the discussion of regulatory measures: the Ministry of Finance, the Bank of Russia, Rosfinmonitoring, the Federal Security Service, the Ministry of Internal Affairs, the Federal Tax Service, the Ministry of Economic Development and the Prosecutor General's Office.

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