Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Russian Lawmakers Set to Ban Cryptocurrency, Except Digital Rubles

Russian Lawmakers Set to Ban Cryptocurrency, Except Digital Rubles

CoineditionCoinedition2024/04/29 12:55
By:Victor Joel
  • Russian lawmakers plan to ban cryptocurrency circulation to uphold the ruble’s dominance, permitting only digital assets issued in Russia.
  • The ban targets Bitcoin and others, but exceptions apply to certain mining entities and Central Bank test projects.
  • Aimed at reducing exposure to Western sanctions, the ban allows for continued cryptocurrency circulation within regulated parameters.

Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, informed NSN that Russian lawmakers are planning to implement a ban on organizing the circulation of cryptocurrencies, effective September 1. This move aims to maintain the dominance of the Russian ruble as the country’s sole legal tender.

Furthermore, Aksakov stated that the proposed ban would specifically target transactions involving bitcoins and other cryptocurrencies , allowing only digital financial assets issued within Russian jurisdiction, such as digital rubles. 

Moreover, Aksakov and a group of State Duma deputies have put forward a bill to regulate mining activities, which includes provisions for the ban on organizing cryptocurrency circulation. However, certain exceptions will be made for miners , mining pools, and Central Bank test projects operating within an experimental legal regime.

Subsequently, Artem Kiryanov, Deputy Chairman of the State Duma Committee on Economic Policy and head of the Russian Union of Taxpayers has emphasized the importance of establishing a clear legal framework for cryptocurrency regulation. He advocates for defining terms and ensuring unified judicial enforcement practices to enhance regulatory clarity.

Despite the ban on organizing cryptocurrency circulation, Anton Gorelkin, Deputy Chairman of the State Duma Committee on Information Policy, clarified that the bill does not prohibit the overall circulation of cryptocurrencies in Russia. Instead, it aims to crack down on illegal crypto exchanges operating outside the Central Bank’s experimental legal regime.

Gorelkin suggests that the ban serves as a protective measure against potential vulnerabilities to Western sanctions, as it limits businesses’ exposure to the cryptocurrency sector. He mentions that the ban might see adjustments in the future, indicating the government’s readiness to adapt its approach to cryptocurrency regulation.

The suggested ban aligns with Russian authorities’ endeavors to enhance the supervision of the cryptocurrency industry. Rosfinmonitoring, the key anti-money laundering regulator in Russia, has been monitoring over 25,000 domestic cryptocurrency users and has urged the government to accelerate the enactment of cryptocurrency regulations.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like