Would you rather let others profit? Russian Central Bank: If you want to trade cryptocurrencies, go use foreign exchanges.
Russian Deputy Minister Vladimir Chistyukhin stated that Russian citizens and businesses still have the right to acquire Bitcoin, but they cannot obtain it through domestic infrastructure or intermediaries. Instead, they must engage in investment transactions through foreign exchanges.
Table of Contents
According to a report, the Bank of Russia is reportedly in the process of drafting a report outlining the vision of cryptocurrencies in the Russian financial system. Vladimir Chistyukhin stated in the report that "there is no place for cryptocurrencies in the Russian financial market." Russia has emphasized that it will not follow China's path of a complete ban but also will not allow the establishment of domestic exchanges.
The head of the Bank of Russia, Elvira Nabiullina, has repeatedly publicly dismissed cryptocurrencies, stating that "responsible countries" should not encourage crypto investments.
As reported, Vladimir Chistyukhin mentioned that the Russian government is working towards providing clearer regulatory frameworks for the crypto industry and has pledged to consider substantive legal actions regarding cryptocurrencies.
The Chairman of the Financial Market Committee of the State Duma of Russia, Anatoly Aksakov, announced that Russia will make a choice between a complete ban on cryptocurrencies and legalization in 2022. With a cryptocurrency market size of around 67 billion rubles in Russia, the government sees regulation as a top priority.
It is not surprising that Vladimir Chistyukhin mentioned that allowing cryptocurrency investments only through foreign cryptocurrency exchanges, as Russia currently does not have its own legal exchanges.
According to some research data, about 50 cryptocurrency exchanges in Moscow are involved in illegal activities; on the other hand, global exchanges like Binance are very popular in Russia, with Russia being the second-largest country in trading volume on the Binance exchange.
This article is authorized to be reprinted from Horizon News Network.