Russian lawmakers have announced their intention to introduce restrictions on the circulation of crypto assets, which could be implemented as early as September 1.
We are talking about the prohibition of operations with bitcoins and other cryptocurrency. Digital financial assets issued in Russian jurisdiction, digital rubles will be allowed. The need for a ban is due to the fact that today cryptocurrency – is a quasi-currency that replaces the ruble in the country. But only the Russian ruble fulfills the mission of the monetary unit, so this decision has been made. From September 1, a ban will be introduced.
Protecting Against Western Sanctions?
The deputy chairman of the State Duma Committee on Information Policy, Anton Gorelkin, also argued that the ban on the organization of cryptocurrency circulation is a protective measure aimed at protecting Russia’s economic interests.
Gorelkin contends that allowing the establishment of a domestic virtual currency infrastructure would potentially expose the country to Western sanctions.
The lawmaker further states that the geopolitical landscape plays a significant role in shaping Russia’s stance on cryptocurrencies, with the ban serving as a precautionary measure to mitigate potential risks.
While the restrictions on cryptocurrency circulation will take effect on September 1, it is important to note that the door to revisiting these regulations remains open.
Gorelkin did not rule out lifting the ban in the future. For now, however, the focus is on establishing a regulatory framework within the experimental legal regime and protecting the domestic economy.
The daily chart shows the total crypto market cap’s valuation at $2.2 trillion. Source: TOTAL on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
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Author: Ronaldo Marquez
