- The State Duma, the lower house, expressed the intention of the Central Bank
- The central bank wants a complete ban on cryptocurrencies
- The finance ministry wants regulation of cryptocurrencies
Russia’s central bank intends to completely ban all activities related to cryptocurrencies or digital assets. While the country’s finance ministry says the regulation should be cracked
The State Duma, the lower house, expressed the intention of the Central Bank
The Russian government has indicated a ban on cryptocurrency activities and payments in digital currency. Anatoly Aksakov, the head of the State Duma, the lower house of parliament. He has introduced a bill regarding cryptocurrency and its practice inside Russia. If this bill is accepted, then there will be no transaction inside the country in the form of cryptocurrency. And it will not be able to be used as a mode of payment.
Russian authorities are strongly divided over what to do with the local cryptocurrency industry. Russia’s central bank intends to completely ban all activities involving cryptocurrencies or digital assets, while the country’s finance ministry says the regulation should be cracked down.
The central bank wants a complete ban on cryptocurrencies
Earlier, the State Duma, the lower house of the country’s Federal Assembly, expressed the intention of the Central Bank. In 2020 lawmakers considered a moratorium on the use of digital assets, insisting that those who continue to trade or have concerns with the sector be fined and jailed. Now the lower house has proposed a new bill for this. If the bill is passed, digital financial activities (DFA) will be banned in the country, and cryptocurrencies will not be accepted as a payment option for any type of products and services within Russia’s borders.
The finance ministry wants regulation of cryptocurrencies
However, in March this year, the authorities abandoned the idea of implementing any such plan, insisting that instead of banning cryptocurrencies or digital assets outright, a suitable regulatory framework should be put in place.
At the beginning of the second week of June, the head of the State Duma, Anatoly Aksakov, raised the discussion once again and introduced a bill that declared payments in digital currency illegal or unsuitable. During this, he reminded us that the national currency of Russia is the ruble and it is the only official currency of the country, there is no need to make any amendment to it. That is, digital currency cannot replace or match the ruble in the country.