Although efforts to regulate Russia's cryptocurrency industry is already underway, the country's Minister of Justice, Alexander Konovalov, has reportedly said the move is coming too early.
According to a local news agency, TASS, Konovalov shared these thoughts while speaking with members of the Upper House of Russia's Parliament earlier this week.
Konovalov pinpointed that the matter of regulation is not right at this moment because the national constitution does not specify that cryptocurrencies can exist as a payment method.
To back his claim, the MOJ quoted Article 75 (1) of the Russian constitution which dignifies the ruble as the country's only currency, before adding :
“The introduction and issuance of other currencies in the Russian Federation are prohibited.”
In his opinion, cryptocurrencies can only fit into the Russian constitution as “property” owned by citizens although it has not garnered enough interest for the legislative body to legalize its usage.
Only time will tell whether the recent thoughts shared by the Minister of Justice will impede on the ongoing efforts to bring calm to Russia's cryptocurrency industry.
Meanwhile, we reported in January that the lower house of Russia's State Duma would within the next two months discuss the draft crypto regulatory bill introduced to the house last year.
The bill is set to cover vital areas of the crypto industry such as crowdfunding and investment.
Also in the past month, Former Russian President and current Prime Minister, Dmitry Medvedev remarked that the current bearish market performance is not a reason to write off cryptocurrencies.
Instead, he urged fellow leaders to carefully monitor what goes in the space since there is a bright and dark side with the innovation.
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