Russia is a country that has had a couple of regulations banning the use of cryptocurrencies. Strangely, it’s the 3rd largest country for mining activities because of cheap electricity. One would think the government would be in support of digital currencies. The reverse seems to be the case.
A ray of hope was in sight for the crypto community in Russia in February. The government released a statement saying they are working on a law that will establish crypto as a part of the currency in the country. It will involve a regulatory framework to avoid fraudulent activities.
In February, the Russian crypto community saw a ray of hope. The government issued a statement stating that they are working on legislation to include cryptocurrency as a currency in the country. To avoid fraudulent activities, the authorities chose to implement a regulatory framework.
The Bank of Russia’s recent press release indicates that the government no longer supports the proposed idea. Elvira Nabiullina, the head of Russia’s Central Bank, issued a new statement opposing cryptocurrency adoption plans. She’s appearing to impede moving forward with legalization plans.
She stated,
“It is important for us to further develop [technology.] But digital financial assets are not limited to ‘crypto’ – private cryptocurrencies. We [have not changed] our position on the fact that private cryptocurrencies should not be used in the financial sphere. It is not clear who is responsible [for cryptocurrencies]. […] They are opaque and carry a high risk of volatility.”
The Minister of Finance and other government agencies support cryptocurrency regulation and taxation of miners and crypto traders. President Vladimir Putin is also on board with the plans. He has attempted to resolve the disagreement with the body, but his efforts have been futile. Elvira Nabuillina is only interested in the “digital ruble” being accepted as a digital asset in the country.
If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
