Ban or Regulation? Russia’s Still Not Decided About Crypto

On Thursday, December 16, there were conflicting reports in Russia about the state of cryptocurrency regulation.

According to Reuters, the Central Bank of Russia is seeking a ban on cryptocurrencies, citing risks to financial stability and the rapid growth in transaction volume.

Notably, this coincides with the recent statement by Russian President Vladimir Putin at an investment forum in Moscow that cryptocurrencies “carry high risks.” The country’s central bank is currently preparing an advisory report on this issue.

However, the chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov, said at a press conference that so far there is a very tough approach to completely banning the acquisition or ownership of cryptocurrencies. But also, according to him, there is an approach in which there should be appropriate crypto-exchanges, where everything is legalized, transparent and understandable for regulators. In addition, it will be easier for the Russian tax service to tax such exchange transactions.

Chairman Aksakov also expressed support for the regulation of cryptocurrency mining in the country, citing factors such as taxation of mining and electricity consumption by businesses.

However, at the moment, the country’s authorities are giving priority to the launch of the CBDC ruble and have taken tough measures against the private crypto sector, including banning mutual funds from investing in Bitcoins (BTC).

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