According to PANews, Russia will enforce strict limitations on the circulation of cryptocurrencies such as Bitcoin from September 1st. The move, led by Anatoly Aksakov, Chairman of the State Duma Financial Market Committee, will only permit the issuance of digital financial assets within its jurisdiction. This is part of a broader effort by the government to control the crypto ecosystem amid escalating geopolitical tensions.
Aksakov stated that the impending law aims to restrict non-Russian cryptocurrency businesses to strengthen the dominance of the Ruble. He explained, 'Only digital financial assets and digital rubles issued within Russian jurisdiction will be allowed. The need for restrictions arises because cryptocurrencies currently serve as a quasi-currency, replacing the Ruble domestically. However, only the Russian Ruble can fulfill the mission of a currency unit, hence this decision. From September 1st, the restrictions will be implemented.' The bill will make exceptions for cryptocurrency miners and central bank-backed test projects within an experimental legal framework, as cryptocurrency mining has significantly increased Russia's tax revenue.
However, Anton Gorelkin, a member of the State Duma, clarified that Russia does not intend to completely ban cryptocurrencies. The restrictions will affect the creation of cryptocurrency exchanges and other platforms that provide services for cryptocurrency trading. Meanwhile, there has been intense debate among Russian policymakers about this approach. Artem Kiryanov, Deputy Chairman of the State Duma Economic Policy Committee, emphasized the importance of precise regulation. Contrary to these restrictive views, Russian Finance Minister Anton Siluanov has consistently advocated for a more moderate stance. Earlier this year, Siluanov opposed a complete ban on cryptocurrencies, advocating for their regulation to enable their use for domestic and international transactions. These discussions suggest a potential trend towards using cryptocurrencies for external payments.
