Russia decides between banning crypto and legalizing exchanges in 2022

Russia decides between banning crypto and legalizing exchanges in 2022. The largest country in the world will reach a crossroads in crypto regulation in early 2022.

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Contradicting reports on the state of crypto regulation surfaced in Russia on Thursday.

First, a Reuters report suggests that Russia’s central bank is seeking a ban on cryptocurrencies, citing risks to financial stability and explosive trading volumes. Should the move take effect, it would be in line with remarks made last month by Russian President Vladimir Putin, who stated at an investment forum in Moscow that cryptocurrencies are “very risky”. The country’s central bank is currently preparing an advisory report on the matter.

Anatoly Aksakov, chairman of the The Financial Markets Commission made the following statement in a press conference on the same day, reported by local news site Interax.ru :

There is a very tough approach to completely banning cryptocurrencies like acquiring or owning. Over there [also] There is an approach where there has to be a proper cryptocurrency exchange where everything is legalized, transparent and understandable to regulators. The Tax Service of the Russian Federation will collect such taxes without any problems [exchange] Transactions.

Chairman Aksakov also spoke out in favor of regulating cryptocurrency mining in the country, citing factors such as mining tax and corporate electricity consumption. The country’s authorities have prioritized the introduction of the CBDC ruble and have launched tough crackdowns on the private crypto sector, including banning mutual funds from investing in Bitcoin (BTC). Recent figures show that Russians trade around $ 5 billion in cryptocurrencies annually.