Russian ‘Crypto Ban’ Could Come into Force by September, Lawmakers Confirm
A Russian “crypto ban’ could roll out as early as September 1, top lawmakers in the country have confirmed.
Speaking to the media outlet NSN, the Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov said lawmakers will vote on a “ban on organizing the circulation of cryptocurrencies” in the coming weeks.
Aksakov stated that the bill will stipulate that “only digital financial assets issued in Russian jurisdictions” will be exempted from the new law.
These assets will include several Russian bank-issued blockchain-powered digital coins and the Central Bank’s digital ruble project.
The bill is unlikely to face any major opposition in the State Duma, providing it has the full support of the Central Bank and government ministries.
The bank has previously called for a China-style “total” ban on crypto, a move strongly opposed by major ministry heads.
Ministries have previously called for a more Western- and Japan/South Korean-style approach to crypto regulation, with highly regulated domestic exchanges.
Instead, the new bill looks to be a compromise.
The Central Bank has previously indicated it is ready to make some concessions for firms struggling to trade overseas due to US- and EU-led sanctions.
Aksakov explained that the new bill “proposes a ban on the organization of circulation of [cryptoassets] in Russia.”
Exceptions, he said, will only be made for miners, mining pools, and “test projects” under the supervision of the Central Bank.
Aksakov has previously conceded that some Russian firms are already using crypto as a payment tool in international trade deals.
But the bank appears keen to draw these firms under its umbrella of influence. Governor Elvira Nabiullina has repeatedly demanded that crypto should
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