Mixed signals on Russia's crypto ban; is it to protect players from Western sanctions or to advance the digital rubble?
Explaining the rationale behind the Russia crypto ban, Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market,“The need for a ban is due to the fact that today, cryptocurrency is a quasi-currency that replaces the ruble in the country. But only the Russian ruble fulfills the mission of a monetary unit, which is why this decision was made.”
Anton Gorelkin, a Russian lawmaker and current Deputy Chairman of the State Duma Committee on Information Policy, Information Technologies, and Communications, is one of the bill’s co-authors.“Of course, the circulation of cryptocurrencies will not be banned. What will be banned is the organization of turnover – that is, the creation of exchanges and exchangers outside the experimental legal regime.
“Giving businesses the green light in this direction means pushing them under Western sanctions: paradoxically, the ban on organizing the circulation of digital currencies is more of a protectionist measure.”However, Artem Kiryanov, another State Duma member, called for a crypto regulation spelled out on a digital code for smooth enforcement.the use of cryptocurrency in international payments within the experimental legal regime.
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