Moscow, Jan 25 (UNI/Sputnik) The Russian Ministry of Finance has prepared a draft regulation that will accord cryptocurrencies legal status rather than outright banning the digital currencies in the country and is awaiting government review and approval of the proposals, Financial Policy Department Director Ivan Chebeskov said on Tuesday. On Thursday, the Central Bank of Russia published a consultative report on cryptocurrencies, making a motion on digital currency regulations in Russia. The bank proposed to ban cryptocurrencies turnover and mining in the country, with no restrictions on holding peer-to-peer money. The bank also proposed to introduce penalties for breaking the suggested restrictions. "The first thing which should be done is, of course, to defend interests of our citizens, consumers of these services and those buying these assets, or using cryptocurrency in some other technological solutions. In this regard, in my opinion, of course, it should be regulated, not banned. Regulations will provide the opportunity to ensure transparency, which will ensure protection of our citizens," Chebeskov said, speaking at the conference on about crypto assets. The financial policy director added that the ministry is actively engaged in development of cryptocurrency regulations in Russia. He highlighted that the ministry has already prepared a concept on the issue and sent it to the Russian president's administration for review. The ministry has yet to receive any government response and official position on the concept. UNI/SPUTNIK MYK GNK