DLATITUDE252 Exemptions for cryptocurrency miners and several Central Bank-backed initiatives have been suggested by Anatoly Aksakov.
Russia is allegedly getting ready to implement a strong ban on the broad trade of cryptocurrency assets like Bitcoin, allowing only digital financial assets to be issued within its own territory, in the midst of escalating geopolitical tensions and sanctions.
This action is a component of a larger government initiative to control the bitcoin ecosystem. The only people who can operate are miners and projects that have been approved by the Central Bank. A politician 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.
A Russian Lawmaker Provides Clarification
The State Duma Committee on the Financial Market Chairman, Anton Gorelkin, made an effort to clarify after the event that he does not advocate for outright prohibiting the use of cryptocurrencies in Russia.He clarified in a Telegram post that the goal of this restriction is to control the creation of cryptocurrency exchange platforms within Russia’s legal framework, not to outlaw the use of cryptocurrencies altogether.
Walking as a form of exercise became mostly reserved for those unable to partake in more grueling types of fitness for whatever reason.
Russian Lawmaker Clarifies
Gorelkin also makes the argument that geopolitical circumstances have an impact on the establishment of a legitimate crypto infrastructure in Russia. This involves taking international relations into account. He continued by saying that permitting such infrastructure may subject Russian companies to penalties from the West.
Gorelkin added that consumers can still utilize foreign cryptocurrency exchanges and over-the-counter services, adding that the prohibition may be lifted in the future. The effect on numerous OTC cryptocurrency services in Moscow, however, is unclear.
So, after months of isolation and Zoom workouts, walks with friends became the new happy hour.
The State Duma Committee on the Financial Market Chairman, Anton Gorelkin, made an effort to clarify after the event that he does not advocate for outright prohibiting the use of cryptocurrencies in Russia.
He clarified in a Telegram post that the goal of this restriction is to control the creation of cryptocurrency exchange platforms within Russia’s legal framework, not to outlaw the use of cryptocurrencies altogether.Gorelkin also makes the argument that geopolitical circumstances have an impact on the establishment of a legitimate crypto infrastructure in Russia. This involves taking international relations into account. He continued by saying that permitting such infrastructure may subject Russian companies to penalties from the West.
Uncertainty
Gorelkin’s most recent tweet fails to elucidate State Duma Committee on the Financial Market Chairman Anatoly Aksakov’s claim that the contentious measure aims to restrict non-Russian cryptocurrency operations in order to bolster the ruble’s dominance.
Considering that cryptocurrency mining makes up a sizable portion of Russia’s tax revenue, Aksakov has stated that the law will establish exemptions for cryptocurrency miners and Central Bank-backed pilot projects under a trial legal framework.
In the meantime, Russia’s Finance Minister, Anton Siluanov, has pushed for legislation that permits the use of cryptocurrencies in both domestic and foreign transactions, favoring a more balanced approach.
