Russia Bans Cryptocurrency
Russian lawmakers plan to ban cryptocurrency circulation to uphold the ruble’s dominance, permitting only digital assets issued in Russia.
The ban targets Bitcoin and others, but exceptions apply to certain mining entities and Central Bank test projects.
Aimed at reducing exposure to Western sanctions, the ban allows for continued cryptocurrency circulation within regulated parameters.
Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, informed NSN that Russian lawmakers are planning to implement a ban on organizing the circulation of cryptocurrencies, effective September 1. This move aims to maintain the dominance of the Russian ruble as the country’s sole legal tender.
The suggested ban aligns with Russian authorities’ endeavors to enhance the supervision of the cryptocurrency industry. Rosfinmonitoring, the key anti-money laundering regulator in Russia, has been monitoring over 25,000 domestic cryptocurrency users and has urged the government to accelerate the enactment of cryptocurrency regulations.
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