Will Russia ban crypto or legalize exchanges in 2022?

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On Thursday, Russia’s crypto regulatory situation was said to be in a state of flux. First, according to a Reuters report, the Central Bank of the country is considering a ban on cryptocurrencies, citing concerns to financial stability and a growing amount of transactions as reasons.

If passed, the action would be in line with Russian President Vladimir Putin’s words at a recent financial summit in Moscow, in which he claimed that crypto “bears high risks.” The central bank of the country is now preparing an advisory report on the matter.

As TheCoinRise reported, Russia in October hinted at the ban of 17 blacklisted crypto exchange platforms. The country also said that crypto could erode the tax base, and hence it must be strictly regulated.

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However, in a press conference the same day, Anatoly Aksakov, chairman of the Duma [Russian Parliament] Committee on Financial Markets, said, as published by local news agency interfax.ru. TheCoinRise translated it as:

“There is a firm stance on the entire prohibition of cryptocurrencies, including their acquisition and possession. There is also a strategy in which appropriate crypto exchanges must be established, and everything must be lawful, clear, and understandable to regulatory organizations. The Russian Federal Tax Service would have an easier time imposing a tax on such [exchange] transactions.”

Russia still in support of crypto mining

Chairman Aksakov also expressed his support for crypto mining regulation in Russia, citing mining taxes and corporate electricity consumption as examples. Regulators in the country have made developing a CBDC ruble a top priority and have imposed strict regulations on the private crypto industry, including prohibiting mutual funds from participating in Bitcoin (BTC). 

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Russia also hugely contributes to Bitcoin mining and has gradually become a hub for the same after China’s crypto mining crackdown. According to the latest figures, Russians spend roughly $5 billion on cryptocurrencies each year.

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