Most Russian officials report that they support cryptocurrency regulations rather than a ban. As a result, instead of banning, Russia is following a regulatory roadmap. Cryptocoin.com, we have compiled the details for you, let’s examine the subject together…
- A roadmap outlining restrictions on digital assets instead of bans has gained support from Russian authorities.
- This roadmap goes against the ban proposed last week by the Bank of Russia, which serves as the country’s central bank.
- The Central Bank of Russia still supports the ban on cryptocurrencies.
Agents in Russia favor a cryptocurrency regulatory roadmap rather than a sweeping ban as feared last week.
Russia shared the dates for cryptocurrency regulation!
According to Reuters, authorities in Russia have come up with a plan to restrict and regulate the trading and mining of cryptocurrencies without imposing a direct ban on the industry. The roadmap sets various deadlines. By May, Russia wants to have a compatibility platform for peer-to-peer transactions. By November, it aims to use the anti-money laundering guidelines recommended by the Financial Action Task Force. And by the end of 2022, registration rules for crypto exchanges should be in place.
The document also proposes penalties for businesses operating in the country that fail to disclose their crypto transactions. It could even go so far as to require Russian citizens to report all crypto-asset holdings. It is reported that the roadmap was fully adopted by the institutions involved in its design and signed by Deputy Prime Minister Dmitry Chernyshenko.
President Vladimir Putin expected to support the proposed roadmap
President Vladimir Putin is expected to support the proposed roadmap. Last week, Putin opposed the ban on cryptocurrencies put forward by the Central Bank of Russia, stating that the central bank “should not stand in the way of our technological progress.” He also suggested that, assuming the industry is regulated and taxed, Russia could maintain its competitive advantage in crypto mining due to a surplus of power.
Russia’s regulatory roadmap seems more favorable for the crypto industry than the previous comprehensive ban proposed by the Central Bank of Russia last week. At the time, Russia’s central bank called for a ban on cryptocurrency transactions, citing concerns about financial stability. It also called for a ban on crypto mining due to the environmental impact of the energy-intensive process. The bank also enforced a ban on financial institutions from investing in crypto assets.
The Central Bank of Russia aims to ban cryptocurrency ownership!
The Central Bank of Russia stated that it is familiar with the roadmap announced today. However, he demanded stronger restrictions, saying that “it is also necessary to draft a federal law, to enact a ban… and to determine responsibility for violating that prohibition.” Elizaveta Danilova, the bank’s head of financial stability, added that the bank does not intend to ban cryptocurrency ownership. The Central Bank of Russia cannot implement the recommendations it proposes on its own, which means it must continue negotiations with other Russian institutions in the coming months.
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