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Russian Central Bank May Ban Crypto Circulation in the Country

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  • Russian central bank may ban crypto circulation
  • Crypto bill creating constant confusion regarding Russia’s future policy

Russia is continuing to flip flop when it comes to crypto regulation in the country. After months of positive legislative drafts and proposals, a top-ranked executive of the Russian central bank has announced that issuance and circulation of cryptocurrencies was a big risk to the country and may be banned. The move is in complete contrast with earlier reports coming from the country that the government was all set to open up to cryptocurrencies to attract investment.

According to Alexey Guznov, an executive from the Russian central bank:

“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.”

He further went on to say that the cryptocurrencies, their circulation and issuance will be banned as a result of the latest legislation. Guznov basically believes that the bill will effectively end any Central Bank Digital Cryptocurrencies (CBDCs) planned for the country which are generally issued by the reserve bank itself. Regarding Bitcoin, he believes the government will be able to place considerable restrictions on them if needed and could be limited and taxed if they fall within its jurisdiction alone.

Russian outlets have previously reported positive news but this is essentially a step back for crypto regulation and development in the country.

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