cryptocurrencies ban

Russia between cryptocurrencies ban or legalize trading in 2022

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On Thursday we’ve seen a lot of controversial reports on the state of the crypto-regulatory matter appear in Russia. First, we saw a Reuters report which indicated that Russia’s Central Bank is seeking a cryptocurrencies ban, placing the reasoning for this on the risks in regard to financial stability and the explosive volume of transactions. If adopted, the move would be in line with remarks made by Russian President Vladimir Putin just last month, when he said that cryptocurrencies “bear high risks” – which he said at an investment forum in Moscow. The central bank of the nation is currently preparing an advisory report on the subject, according to cointelegraph

However, Anatoly Aksakov, who is the chairman of the Duma Committee on Financial Markets [the Russian Parliament], made the following statement at a press conference on the same day, as reported by the local news station interfax.ru and translated by Cointelegraph:

“There exists a very tough approach about the complete prohibition of cryptocurrencies, such as acquisition or ownership. There [also] exists an approach where there must be appropriate crypto exchanges, where everything is legalized, transparent, and understandable to regulatory bodies. It would be easier for the Federal Tax Service of Russia to tax such [exchange] transactions.”

Chairman Aksakov also expressed support for the country’s mining regulations, mainly citing factors such as mining taxation and electricity consumption in business. Authorities in the country have given priority to launching a CBDC ruble and have taken harsh measures against the private crypto sector, including a cryptocurrencies ban on mutual funds from investing in bitcoin (BTC). The latest figures suggest that Russians trade just around $5 billion a year in cryptocurrencies.

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