Russia to Ban Cryptocurrency Circulation
In a significant move, Russia is set to implement a ban on organizing the circulation of cryptocurrencies beginning on September 1, according to Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market. The decision, highlighted by local news outlet National News Service (NSN), will permit only digital financial assets issued within the Russian jurisdiction.
Anatoly Gennadyevich Aksakov
- Serves as the Deputy of the State Duma of the Russian Federation
- Chairman of the State Duma Committee on Financial Market
- Chairman of the Council of the Association of Banks of Russia
- Chairman of the Supreme Economic Council of the Chuvash Republic
- Member of the National Financial Board of the Bank of Russia
- Member of “Just Russia – Patriots – For Truth” political party
State Duma’s Proposal
- A group of State Duma deputies, led by Aksakov, reintroduced a bill proposing to regulate mining activities and ban cryptocurrency circulation
- Exceptions for miners, mining pools, and test projects for the Central Bank within an experimental legal regime
Bank of Russia’s Stance
- Advocates for international payments using cryptocurrencies
- Maintains opposition to domestic circulation of cryptocurrencies
- Chief Elvira Nabiullina supports cryptocurrencies for international transactions but not within the national economy
Hot Take: Russia’s Crypto Ban
Russia’s decision to ban cryptocurrency circulation is a bold move that reflects the government’s stance on digital assets within its borders. The prohibition of transactions involving cryptocurrencies aims to prioritize the Russian ruble as the official monetary unit. While the Bank of Russia supports using cryptocurrencies for international payments, it remains cautious about integrating them into the domestic financial system. As the September 1 deadline approaches, the crypto community awaits the implementation of this ban and observes how it will impact the cryptocurrency landscape in Russia.
By
By
By
By
By
By