Sberbank agreed with the government’s position on the need to regulate rather than ban cryptocurrencies in Russia. This was stated by the Deputy Chairman of the Board of Sberbank Anatoly Popov, writes RIA Novosti.

According to him, effective rules for the market will allow citizens and organizations to legally acquire, declare and pay taxes on digital currencies.

“This will ultimately formulate the right legal framework for cryptocurrencies to become one of the instruments in investors’ portfolios, like stocks or bonds,” Popov said.

At the same time, Sberbank shares the Bank of Russia’s concerns regarding the admission of unqualified investors to the market.

“It is necessary to provide mechanisms for qualification and training of investors. But cryptocurrency quotes are a recognized fact, the market has already formed. Therefore, we need to provide these mechanisms and introduce proper regulation as soon as possible, rather than banning the circulation of cryptocurrencies,” the deputy head of Sberbank emphasized.

Popov added that all the necessary infrastructure in the banking sector for the crypto market already exists, including brokerage accounts and digital financial asset platforms. At the same time, in his opinion, the mining industry is a “proper” high-tech sector involving highly qualified specialists.

Earlier, the Ministry of Finance proposed to set the limit amount for investments in cryptocurrency at 50,000 rubles for unqualified investors, said Deputy Finance Minister Alexei Moiseyev.

According to him, more stringent requirements are proposed for obtaining the status of a qualified investor to buy cryptocurrency than in the traditional financial environment. It will not be enough just to have 6 million rubles in the account.