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- The Central Bank of Russia is favoring the prohibition of Cryptocurrency activity, such as issue and circulation inside the country.
- The end of cryptocurrency days in Russia is around the corner, and the ban will be based on the bill ‘On Digital Financial Assets.’
In the confused hands, the Russian Crypto regulation is still not proposed, while the Central Bank of Russia is favoring the prohibition of Cryptocurrency activity such as issue and circulation inside the country. But the structure of release of the notice by the Central Bank tells the end of cryptocurrency days in Russia is around the corner, and the ban will be based on the bill ‘On Digital Financial Assets.’ This was posted as an official statement by the head Alexey Guznov of Legal department in the Central bank branch.
The Crypto Ban Bill of 2018
The previous non-updated bill, however, gave a chance to participate in Crypto trading. Still, the new amendment completely forbids any activity surrounding the cryptocurrency except the holding of the digital assets, said Alexey Guznov. Any action related to cryptocurrency, if observed after passing the amended bill will yield in penalties and strict punishment.
The main concern shared by Alexey Guznov about the usage of cryptocurrency is that it will produce unjustified risks on the functioning of the financial systems and consumer protection system. The amended bill bans emission and organization of cryptocurrency circulation, which will introduce legal actions if violated.
The current users of cryptocurrency in Russia are left confused about what to do on the digital assets they are currently holding and would like to know if it is against the law if Crypto is converted to fiat currency as the department of the central bank has not given any official statement regarding the issue. This is still under consideration as the central banks are stringent in not involved in any services around the Crypto.
The original cryptocurrency bill was released in the year 2018, but there was no clarity about actions. However, the president was in favor of the original bill and was looking forward to its passing.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
