The world's biggest country can reach a crossroads on crypto regulation because it enters 2022.
On Thursday, conflicting reports emerged in Russia on the state of crypto restrictive affairs. First, a report by Reuters indicated that the central bank of Russia is seeking a ban on cryptocurrencies, citing risks to monetary stability and also the exploding volume of transactions. If enacted, the move would align with remarks created by Russian President solon last month, who expressed that cryptocurrencies "bear high risks" at an investment forum in Moscow. The nation's central bank is presently preparing an consultatory report on the problem.
However, Anatoly Aksakov, chairman of the Duma [Russian Parliament] Committee on monetary Markets, gave the subsequent statement in a very group discussion constant day, as according by local news outlet interfax.ru and translated by Cointelegraph:
There exists a very tough approach about the complete prohibition of cryptocurrencies, such as acquisition or ownership. There [also] exists an approach where there must be appropriate crypto exchanges, where everything is legalized, transparent, and understandable to regulatory bodies. It would be easier for the Federal Tax Service of Russia to tax such [exchange] transactions.
Chairman Aksakov additionally voiced his support cryptocurrency mining regulation within the country, citing factors like mining taxation and business electricity consumption. Authorities within the country rate launching a CBDC ruble and have enacted powerful crackdowns on the personal crypto sector, as well as ban mutual funds from investment in Bitcoin (BTC). most up-to-date figures recommend that Russians interact concerning $5 billion every year in cryptocurrencies.
( Zhiyuan Sun, Cointelegraph, 2021)