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On Thursday, conflicting studies emerged in Russia on the state of crypto regulatory affairs. First, a report by Reuters indicated that the Central Financial institution of Russia is searching for a ban on cryptocurrencies, citing dangers to monetary stability and the exploding quantity of transactions. If enacted, the transfer would align with remarks made by Russian President Vladimir Putin final month, who said that cryptocurrencies “bear excessive dangers” at an funding discussion board in Moscow. The nation’s central financial institution is presently getting ready an advisory report on the difficulty.
Nonetheless, Anatoly Aksakov, chairman of the Duma [Russian Parliament] Committee on Monetary Markets, gave the next assertion in a press convention the identical day, as reported by native information outlet interfax.ru and translated by Cointelegraph:
There exists a really robust method concerning the full prohibition of cryptocurrencies, corresponding to acquisition or possession. There [also] exists an method the place there have to be applicable crypto exchanges, the place the whole lot is legalized, clear, and comprehensible to regulatory our bodies. It might be simpler for the Federal Tax Service of Russia to tax such [exchange] transactions.
Chairman Aksakov additionally voiced his assist cryptocurrency mining regulation within the nation, citing elements corresponding to mining taxation and enterprise electrical energy consumption. Authorities within the nation prioritize launching a CBDC ruble and have enacted robust crackdowns on the non-public crypto sector, together with banning mutual funds from investing in Bitcoin (BTC). Most up-to-date figures counsel that Russians transact about $5 billion every year in cryptocurrencies.
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