They don't know what they want. I remember reading that they were baninmg crypto to isue their own cryptocurrency. This was years ago. Then they changed their mind and said blockchain is great. Then they did not issue any centralized crypto and just postponed everything. Then we heard about them trying to legalize it. Now we hear about them trying to ban it again? Ho many times can you change your mind about the same thing?
Don't FUD, wait until it's written in stone.
Topic: Russia Banned Crypto Trading - page 4. (Read 756 times)
I'm not surprised at all, I've been calling Russia to be against crypto since 2017. You just have to read between the lines, their statements are always contradictory. One day you will hear some government officials saying that they're going pro-crypto, and then the next days, another one will issue his statement against it. That's why I have been saying to take everything with a bag of salt any news releases coming from them as if they are going to adopt it.
@coupable - it's not that they are not aware of it, it's that they want to control everything, they don't want large exodus of capital or assets.
@coupable - it's not that they are not aware of it, it's that they want to control everything, they don't want large exodus of capital or assets.
I found the interview with interfax news but it's in Russian language. Not many news about the new orientation of Russia toward cryptocurrencies, the media is busy with covid19 and the crash in the market.
According to this article published today in Cointelegraph, the ban law will be in the form of amendment, as the original bill about "digital financial assets" allows crypto trading and other forms of crypto use.
In my opinion, it's not the best time to work on this kind of ban while we should recommend people to use casheless systems to avoid body contact. Seems Russia is not really aware about how the use of crypto can limit the spread of the virus by its contactless nature .
According to this article published today in Cointelegraph, the ban law will be in the form of amendment, as the original bill about "digital financial assets" allows crypto trading and other forms of crypto use.
In my opinion, it's not the best time to work on this kind of ban while we should recommend people to use casheless systems to avoid body contact. Seems Russia is not really aware about how the use of crypto can limit the spread of the virus by its contactless nature .
This is not good news, BTC price could be dump even more.
Alexey Guznov, head of the legal department at Russia’s central
bank, revealed the news in an interview with local news agency Interfax on March 16.
Issuance and circulation of crypto in the country poses an “unjustified risk”
Although the original bill “On Digital Financial Assets” stipulated that cryptocurrency trading would be allowed in Russia, the amended document will apparently prohibit nearly everything about crypto except holding, according to Guznov’s latest remarks.
The official said that the upcoming law will explicitly prohibit the issuance and circulation of cryptocurrency and would introduce penalties for violating this law. Guznov argued:
“In terms of the functioning of the financial system and consumer protection system, legalization of the issuance and facilitating the circulation of cryptocurrencies is an unjustified risk. As such, the bill explicitly prohibits emission and organization of cryptocurrency circulation, introducing legal liability for violating these rules.”
Russia’s central bank would unlikely be able to regulate Bitcoin transactions
Besides claiming that the crypto bill would ban Russian financial institutions from issuing digital assets, Guznov provided little clarity about the upcoming bill. When asked whether the Bank of Russia wants to ban residents from converting crypto into local fiat currency, the Russian ruble, or a foreign currency, Guznov did not provide a direct answer.
Alexey Guznov, head of the legal department at Russia’s central
bank, revealed the news in an interview with local news agency Interfax on March 16.
Issuance and circulation of crypto in the country poses an “unjustified risk”
Although the original bill “On Digital Financial Assets” stipulated that cryptocurrency trading would be allowed in Russia, the amended document will apparently prohibit nearly everything about crypto except holding, according to Guznov’s latest remarks.
The official said that the upcoming law will explicitly prohibit the issuance and circulation of cryptocurrency and would introduce penalties for violating this law. Guznov argued:
“In terms of the functioning of the financial system and consumer protection system, legalization of the issuance and facilitating the circulation of cryptocurrencies is an unjustified risk. As such, the bill explicitly prohibits emission and organization of cryptocurrency circulation, introducing legal liability for violating these rules.”
Russia’s central bank would unlikely be able to regulate Bitcoin transactions
Besides claiming that the crypto bill would ban Russian financial institutions from issuing digital assets, Guznov provided little clarity about the upcoming bill. When asked whether the Bank of Russia wants to ban residents from converting crypto into local fiat currency, the Russian ruble, or a foreign currency, Guznov did not provide a direct answer.
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