Russian lawmakers have announced plans to introduce restrictions on the circulation of crypto assets, which could be implemented as early as September 1.
Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov revealed that a vote on the ban on organizing the circulation of cryptocurrencies will take place in the coming weeks.
Crypto Restrictions in Russia
Proposed legislation aims to ban creation of digital assets Exchanges and exchangers outside the experimental legal regime while allowing crypto assets issued within Russian jurisdiction, reflecting Russia’s desire to protect its national economy.
Digital currency miners, mining pools and Central Bank test projects would be allowed to operate under the experimental legal regime.
Anatoly Aksakov emphasized that the intention is not to completely ban the use of digital assets, but rather to restrict the organization of their circulation within the country.
Aksakov also explained that the decision to restrict the circulation of digital assets is driven by the perception that cryptocurrencies are quasi-currencies competing with cryptocurrencies. Russian ruble.
To maintain the role of the ruble as the country’s official currency, restrictions on digital assets are deemed necessary. Aksakov’s statement further says:
We are talking about the ban on operations with bitcoins and other cryptocurrencies. Digital financial assets issued in Russian jurisdiction, digital rubles will be permitted. The need for a ban 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 a monetary unit, so this decision was made. From September 1, a ban will be introduced.
Protect yourself against Western sanctions?
Deputy Chairman of the State Duma Committee on Information Policy Anton Gorelkin also claimed that the ban on organizing the circulation of cryptocurrencies is a protective measure aimed at protecting the economic interests of the Russia.
Gorelkin dispute that allowing the creation of a national virtual currency infrastructure would potentially expose the country to Western sanctions.
The legislator further declares that the geopolitical landscape plays an important role in shaping Russia’s stance towards cryptocurrencies, with the ban serving as a precautionary measure to mitigate potential risks.
Even though restrictions on the circulation of cryptocurrencies will come into force on September 1, it is important to note that the door to a review of these regulations remains open.
Gorelkin did not rule out lifting the ban in the future. For now, however, the focus is on establishing a regulatory framework within the experimental legal regime and protecting the national economy.
Featured image from Shutterstock, chart from TradingView.com
