Central Bank of Russia seeking to ban cryptocurrencies

Reportedly, the Central Bank of Russia is preparing a framework to ban Crypto Investment in the Russian Federation. 

On 1 January 2021, the Russian government purposed a bill to regulate the crypto trading activities in Russian Federation. However, there were many flaws in the crypto regulation framework bill of Russia but still, it was a very pleasant moment for the crypto investors of Russia. 

On Thursday, Reuters reported that the Central Bank of Russia is seeking to ban crypto Investment in the Russian Federation. Reuters also confirmed that information citing this matter came from a genuine source and Russian Officials.

According to a Reuters report, the Russian Central Bank is working to make a report on this and also is in talks with many players, to restrict crypto activities fully. And if the Russian Central Bank will get approval from the lawmakers then in that situation new rules will apply to the all-new crypto purchases in the Russian Federation. 

On this matter, Reuters asked the Central Bank of Russia. Russian Central Bank said that they are preparing advisory guidelines on the issues of Crypto-related activities.

On the same day, Anatoly Aksakov, chairman of the Duma (Russian Parliament), said that there are two things about the crypto blanket ban. Either all the crypto exchanges will be regulated under full transparency or will ban it. And also asserted that it will not be easy to ban crypto. 

“There exists a very tough approach about the complete prohibition of cryptocurrencies, such as acquisition or ownership. There 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 transactions.”

In the past, Anatoly also supported the crypto mining industry to include in the business enterprise, to tax them perfectly under electricity use like other industries.

Read also: USDC issuer partners with public charity to help people impacted by deadly tornadoes