The central bank’s position has its reasons, Dmitry Medvedev, who now serves as deputy chairman of the Security Council of the Russian Federation, acknowledged in an interview with Russian media. The monetary authority has cited threats to the nation’s financial stability and risks for its citizens as key factors for its hardline stance on crypto. However, quoted by Tass, Medvedev warned:Other Russian officials have recently expressed more specific concerns.
The Russian Association for Electronic Communications has also joint the front against Bank of Russia’s push for prohibition while backing the finance ministry and the federal government. A ban would not solve existing problems with fraud and other illegal acts but, on the contrary, it will complicate control as market activity will move to the “grey” sector, the industry organization noted.
The ban on the circulation of cryptocurrencies will leave Russia on the sidelines of the development of one of the fastest growing digital markets at the moment, which will significantly slow down the innovative development of the country. According to data compiled by RAEC’s experts, the contribution of digital markets to the Russian economy amounted to 6.7 trillion rubles in 2020. The association’s preliminary estimates for 2021 suggest that the indicator has increased by 29%, to 8.6 trillion rubles .
Meanwhile, the head of the State Duma Financial Market Committee, Anatoly Aksakov, has publicized the idea of legalizing cryptocurrencies under the Russian law “On Experimental Legal Regimes in the Field of Digital Innovations.” This would allow authorities to examine how the various elements of the crypto infrastructure function under strict government control, Aksakov elaborated during a conference devoted to crypto regulations.
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It's good that more voices are joining to support regulation of cryptocurrency than ban. Ministry of finance, former president and the current president are all for cryptocurrency adoption in Russia. It's safe to say we'll see a very cryptocurency friendly Russian law soon
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I can't imagine how they can effectively ban bitcoin
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No one has been able to completely ban crypto. It's just not possible.
I don't think they are stupid enough to repeat China's mistake. They will just try to regulate it, just like in all countries.
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Why are they trying to stop progress?
People, please, come on. Russia doesn’t want to ban crypto. It’s how Kremlin cybercriminals get paid. All of this is distraction & propaganda so when they crush Biden with a crippling cyberattack (yes, and soon) then Putin will go 🤷🏽♂️ and then move to “Control“ parts of crypto.
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