18 February, the Russian Ministry of Finance Public consultations are now openThe rules for cryptocurrency transactions and issuing. While a welcome development, it is less than the country’s crypto space had expected to get. Earlier in the week, the government announced that by Feb. 18, a bill containing the finance ministry and central bank’s consolidated position on crypto regulation would be drafted. Current estimates indicate that the draft legislation will not be available until at least a month after it is drafted. The main reason for the delay appears to be the central bank’s renewed resistance, which just several days ago seemed to have been overcome. This is the roundup of all the recent twists and turns in this bumpy ride.

Round 1: Central bank’s ban proposal

The Central Bank of Russia (CBR), issued a report on Jan. 20 It summarizes its position regarding digital assets. The regulator used a number of anti-crypto arguments such as comparing crypto assets to Ponzi schemes and called for an entire ban on crypto trading in the country’s traditional financial system.

Round 2: Finance Ministry’s proposed framework

Round 3: The CBR’s about-face

What’s next?