Russian Ministry of Digital Development supposes that a ban on the cryptocurrency circulation will dramatically decrease the development of the IT industry and make it uncompetitive

Russian Ministry of Digital Development together with the main IT associations and associations of the IT industry (RUSSOFT, RAEC, APKIT, etc.) analyzed the international regulation of cryptocurrency and its impact on the development of the software and cloud technology industry.

The Ministry supports and shares the need to respond to the risks associated with the use of cryptocurrency to finance illegal activities and financial pyramids, as well as the risks associated with fraud in this area. However, the blockchain industry used for the production and circulation of cryptocurrency is one of the fastest growing in the software industry. Many successful international projects in cryptocurrency have Russian roots. And the power of blockchain technology itself is much wider - switching to smart contracts and many others.

In this regard, Russian Ministry of Digital Development proposes to develop the necessary measures for state regulation of the market of production and circulation of cryptocurrency, ensuring its transparency and reducing the existing risks for responsible investors in cryptocurrencies. This work should be carried out under of the road map approved by the Government as soon as possible.