Recently, Russian President Vladimir Putin made statements about cryptocurrencies; He stated that he would be interested in the crypto money mining business if some regulations were made. In response, the Central Bank of Russia took a strict stance against cryptocurrencies and stated that cryptocurrencies should be banned completely from the country.
However, according to aon information, it seems that the winner of this discussion will be Putin. According to a recent report, a series of new and strict regulations for the cryptocurrency market are coming from the Russian government, which prefers to regulate rather than ban digital currencies.
Strict controls on cryptocurrency transactions are coming in Russia
It has been reported that the Russian government, which has been evaluating how to handle the crypto money situations in the country for a while, will publish a set of new rules regarding cryptocurrencies on February 11, 2022. As of now, there are two current proposals for how cryptocurrencies will work in Russia; but it is interesting that these two proposals come from different sides of the government. While the ‘Central Ban’ proposal argues that there should be a direct ban on cryptocurrency activities, Russia’s Finance Minister, on the other hand, proposes that cryptocurrencies be traded, albeit under strict regulations.
The first of these two ideas, the Central Bank’s direct ban on cryptocurrencies, does not seem to be very popular. In the more popular proposal from the Ministry of Finance, with the new control regulations, Russian citizens with crypto assets can use them as assets; However, it is stated that the government will strictly monitor each crypto transaction movement and will tax them.
The Central Bank of Russia, on the other hand, argues in a recent advisory that not all digital currency transactions should go through Russia’s financial infrastructure. The Ministry of Finance, on the other hand, insists that authorities should distinguish between good and bad crypto market activity. However, it is underlined that either way, the recognition of Bitcoin as a payment method in Russia is out of the question.
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