Russia’s Proposed Ban on Cryptocurrencies (BTC, ETH): A Deep Dive into the Controversial Bill

• Amid rising geopolitical tensions and sanctions, Russia is reportedly preparing to enact a strict ban on the widespread trading of cryptocurrency assets like Bitcoin, allowing only digital financial assets to be issued within its own jurisdiction.
• This move is part of a broader government effort to regulate the cryptocurrency ecosystem. Only miners and projects approved by the Central Bank will be granted the right to operate.
• However, a lawmaker has clarified that establishing crypto exchanges and over-the-counter (OTC) services outside the experimental legal framework will be prohibited.

Russia is set to enact a strict ban on cryptocurrency trading, allowing only digital financial assets to be issued within its jurisdiction. This move is part of a broader effort to regulate the crypto ecosystem, with only approved miners and projects allowed to operate.

Russian Lawmaker Clarifies

Following the development, Anton Gorelkin, Chairman of the State Duma Committee on the Financial Market, attempted to clarify that he does not support a complete ban on cryptocurrency circulation in Russia. In a Telegram post, he explained that this restriction is not intended to ban all cryptocurrency usage but rather to regulate the establishment of platforms for cryptocurrency exchange within Russia’s legal framework. Gorelkin also suggests that setting up of a legal Russian crypto infrastructure is influenced by geopolitical realities. This entails considera... Read the full article for FREE at COINOTAG!