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Representatives of Russia’s regulators, including the Ministry of Finance and the Central Bank, were not at the meetings. Instead, the plan is to first prepare a document that reflects the input of market participants, and then submit it for discussion to the government and the Bank of Russia. “It makes no sense to pretend that cryptocurrencies do not exist, but the problem is that it circulates in a large stream outside of government regulation,” he said. “These are billions of rubles of lost budget revenues in the form of taxes.”
Earlier this month, Russia's Central Bank opened public consultations on stablecoins, NFTs and other tokenized financial instruments, signaling openness to the growth of crypto in the country.