Russian authorities have drawn up a 'road map' that envisages restrictions on cryptocurrencies but not a complete ban as recommended by the central bank, a document showed on Friday.
Politicians have urged the central bank to change its position, which has recommended restricting cryptocurrency trade and mining due to concerns that it could cause financial instability. President Vladimir Putin has requested that a consensus be found.
Participants in the working group include the finance, economy, digital, and interior ministries, as well as the FSB security service and the central bank. According to the document, Deputy Prime Minister Dmitry Chernyshenko has signed the road map.
"We note that all agencies, with the exception of the Bank of Russia, fully supported the points of the road map," the document stated. The central bank said it was familiar with the draft of the road map.
"We believe it is necessary to prepare a federal law establishing a ban on the issue and circulation of private digital currencies on Russian territory, as well as to determine liability for violating this ban," the central bank said in a statement.
The working group's proposal would enable the buying and selling of cryptocurrencies to be provided only by Russian banking entities.
It proposes establishing procedures to prevent foreign crypto exchanges from providing services to Russian users, but it also suggests that foreign platforms that obtain an appropriate license will be allowed to operate.
Binance, the world's largest cryptocurrency exchange, said earlier this week that it wants to expand into Russia.