Crypto News – Russia is going to impose severe limitations on the broad distribution of cryptocurrency assets like Bitcoin as of September 1. It will only accept digital financial assets that are issued under its authority.
Russia Crypto Restrictions: Use to be Restricted in the Region Except for Miners and Central Bank Projects
In charge of this project is Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market. A larger government initiative to regulate the cryptocurrency industry in the face of escalating geopolitical unrest is behind it. According to Aksakov, the new law will limit cryptocurrency activities by non-Russian entities in an effort to strengthen the ruble’s hegemony.
Digital financial assets issued in Russian jurisdiction, and digital rubles will be allowed. The need for restrictions is due to the fact that today cryptocurrency – is a quasi-currency that replaces the ruble in the country. But only the Russian ruble fulfills the mission of the monetary unit, so this decision has been made. From September 1, restrictions will be introduced,
Aksakov
Russia Doesn’t Intend to Ban Crypto Altogether
Inside an experimental legislative framework, the law will make allowances for cryptocurrency miners and Central Bank-sponsored test programs. This is because the tax income of Russia is greatly increased by crypto mining. The total amount of liquidity produced by cryptocurrency miners for foreign trade settlements is above $2.59 billion.
Russia does not aim to outright outlaw cryptocurrency, as State Duma member Anton Gorelkin clarified. Crypto exchanges and other platforms that offer services for the trading of cryptocurrencies will be impacted by restrictions when they are created.
Of course, the circulation of cryptocurrencies will not be banned. The creation of exchanges outside the zone of the experimental legal regime will fall under the ban,
Gorelkin
Anton Siluanov, Russia’s Finance Minister, has advocated for a more moderate approach in opposition to these constrictive viewpoints. Siluanov argued for regulation to allow cryptocurrencies to be used in both domestic and international transactions earlier this year, opposing a total ban on them.
I am sure that the Central Bank and we will come to an agreement. This issue has been discussed for several years. We cannot prohibit the circulation of cryptocurrencies. Therefore, we need to regulate this channel. I am sure that we will find a solution,
Siluanov
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