The Russian Minister of Justice, Alexander Konovalov, explained that the country is not currently interested in giving a legal definition to crypto, and thus in regulating the sector.

During a recent meeting with Russian regulators, Konavalov explained that it is premature to regulate cryptos in Russia.

“We should just watch closely what happens to them.” said Konavalov.

Konavalov believes it would be potentially harmful to regulate crypto and blockchain because they could limit their development as an emerging and innovative technology. However, cryptos are currently illegal in Russia as a means of payment.

“We are having a big conversation with any interested parties, we are in a dialogue and discuss it at various venues. We adhere to the position that has been worked out at the site of the two committees”, namely the Financial Committee and the Committee on Civil Law.

All in all, these words sound familiar. Just recently, the same opinion was expressed by SEC Crypto Mom Hester Peirce, who explained that regulations on cryptos in America have advanced slowly to give technology time to develop itself.