Bank of Russia wants to ban sale of cryptocurrencies to Russians
2022.12.07 07:36
Bank of Russia wants to ban sale of cryptocurrencies to Russians
Budrigannews.com – The Russian central bank proposes prohibiting local miners from selling coins to locals, continuing its extremely negative attitude toward cryptocurrencies.
As part of a draft bill that will be introduced in the middle of November 2022, the Bank of Russia has endorsed the idea of making cryptocurrency mining legal in Russia.
However, the local news agency Interfax reported on December 7 that the Russian central bank wants to allow miners to sell their cryptocurrency only on foreign exchanges and to non-residents of Russia.
According to the Bank of Russia’s press office, “We believe that cryptocurrency obtained as a result of mining can be sold exclusively using foreign infrastructure and only to non-residents.”
“In general, we adhere to the position on the inadmissibility of the circulation of digital currency on the territory of the Russian Federation.”
The new proposition would clearly set off a ton of inquiries from diggers in Russia, as numerous unfamiliar crypto trades have restricted Russians from involving their foundation in consistence with sanctions over Russia’s conflict in Ukraine. The Bank of Russia has long advocated for residents to only be able to trade on foreign trading platforms.
Miners who want to sell their own cryptocurrency within Russia must conduct business through an “authorized organization,” according to the Bank of Russia’s proposal.
The news comes not long after the Russian Service of Money went against the Bank of Russia’s proposition to present severe authorizing of crypto mining tasks in Russia.
According to reports, Alexey Moiseev, Deputy Finance Minister, stated on December 6 that the Russian central bank had developed a new strategy to only permit mining through “authorized organizations.” The official claims that such a measure would effectively result in “total licensing” of crypto mining. According to reports, Moiseev stated, “We oppose it.”
On Nov. 17, Russian lawmakers presented a draft bill on cryptocurrency mining to the lower house of parliament, as previously reported. The provision prohibiting the sale of mined cryptocurrency to Russian residents was not included in the bill’s initial draft. In addition, miners are prohibited from selling their coins outside of the state-backed platform that is being developed as part of the experimental legal regime for cryptocurrencies or on foreign exchanges.
The Russian central bank, which opposes cryptocurrency, and the Ministry of Finance, which supports cryptocurrency, have fought over crypto regulation for a long time, and the most recent news adds yet another twist. Despite the fact that local crypto adoption is still growing, Russia’s citizens and residents still lack a clear cryptocurrency framework due to years of disagreements.
Along with the government’s initiative to legalize cryptocurrency for cross-border import payments, Russia’s bill on crypto mining is one of the most anticipated legal initiatives in the country. The head of the finance committee in Russia’s lower house of parliament, Anatoly Aksakov, claims that the relevant amendments will likely be approved by February 2023.
