Russia to decide between blanket crypto ban and legalizing exchanges in 2022

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Russia to decide between blanket crypto ban and legalizing exchanges in 2022

On Thursday, conflicting studies emerged in Russia on the state of crypto regulatory affairs. First, a report by Reuters indicated that the Central Financial institution of Russia is in search of a ban on cryptocurrencies, citing dangers to monetary stability and the exploding quantity of transactions. If enacted, the transfer would align with remarks made by Russian President Vladimir Putin final month, who acknowledged that cryptocurrencies “bear excessive dangers” at an funding discussion board in Moscow. The nation’s central financial institution is at the moment making ready an advisory report on the difficulty.

Nonetheless, Anatoly Aksakov, chairman of the Duma [Russian Parliament] Committee on Monetary Markets, gave the next assertion in a press convention the identical day, as reported by native information outlet interfax.ru and translated by Cointelegraph:

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There exists a really robust strategy concerning the full prohibition of cryptocurrencies, resembling acquisition or possession. There [also] exists an strategy the place there should be acceptable crypto exchanges, the place all the things is legalized, clear, and comprehensible to regulatory our bodies. It will be simpler for the Federal Tax Service of Russia to tax such [exchange] transactions.

Chairman Aksakov additionally voiced his assist cryptocurrency mining regulation within the nation, citing elements resembling mining taxation and enterprise electrical energy consumption. Authorities within the nation prioritize launching a CBDC ruble and have enacted robust crackdowns on the non-public crypto sector, together with banning mutual funds from investing in Bitcoin (BTC). Most up-to-date figures counsel that Russians transact about $5 billion each year in cryptocurrencies.