Russia's Controversial Crypto Bill?
Hey folks.
In the middle of rising geopolitical tensions and sanctions, reportedly Russia is preparing to pass a strict law on widespread crypto trading like Bitcoin, Permitting the issuance of exclusively digital financial assets within its own borders.
To regulate the crypto ecosystem, the move is part of a wider government effort. Projects and miners only approved by the Central Bank will be allowed the right to operate. A lawmaker has made it clear that it will be illegal to set up cryptocurrency exchanges and over-the-counter (OTC) services outside of the experimental legal framework.
Chairman of the State Duma Committee on the Financial Market, Anton Gorelkin, following the development, tried to make it clear that he doesn't support a full ban on crypto circulation in the country.
He explained in a Telegram post, that this intention is not to ban all crypto usage but instead to regulate the establishment of platforms for crypto exchange within the legal framework of Russia.
Gorelkin also makes the argument that geopolitical circumstances have an impact on the establishment of a legal crypto infrastructure in Russia. This involves taking international relations into account. He continued by saying that permitting such infrastructure may subject Russian companies to sanctions from the West.
The latest post from Gorelkin doesn't clarify the statement of Anatoly Aksankov that the controversial bill intends to restrict non-Russian crypto operations to reinforce the ruble's hegemony.
At the same time, the Finance Minister of Russia, Anton Siluannov, has recommended a more balanced approach and rather pushed for a regulation allowing the use of crypto in both international and domestic transactions.
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