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- According to a recent report, the citizens of Russia have invested over $67 billion in cryptocurrencies.
- Followed by which the Bank of Russia has warned against the volatility of the cryptomarkets
- Russian legislators have a mixed bag of views on cryptocurrencies.
Various governments are beginning to realize the scope & prospectus offered by cryptocurrencies. Some insist on considering them as digital assets, while others are keen on banning or prohibiting the same. However, Russia seems to be caught in the middle of both extremes while the country saw a surge in mining businesses after the blanket ban imposed by China.
Recently, A high-ranking member of the State Duma revealed the stats without quoting a time frame. The head of the Financial Markets Committee, Anatoly Aksakov, mentioned that Russians had invested over 5 Trillion Rubles ($67.5 Billion) worth of national fiat into cryptocurrencies in his address at the lower house of the Russian parliament.
Recently a law on digital financial assets was passed, which included rules for exchanges & issuances of cryptos, where some legislators even proposed to consider mining of cryptocurrencies as an entrepreneurial activity. However, much is yet to be done as taxation & frameworks are still out of reach to the legislators.
Aksakov also mentioned that markets have attracted many investors, including normal residents of the country, while also stating the necessity of determining the phenomena’ & prescribing laws facilitating the same.
In a recent estimate quoted by the Bank of Russia in their financial stability report for Q2 & Q3 2021, it was seen that around $5 Billion of transactions took place in terms of volume of digital currencies. However, the central bank also warned against cryptocurrencies as they posed risks for the country’s financial stability & investors.
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From various media reports, it is quite clear that Russian government institutions have different stances & opinions regarding regulating crypto space. According to Aksakov, various approaches are being considered including the polar opposites of either legalizing the crypto investment & trade or imposing a blanket ban similar to China.
Recently, in a press conference, the Governor of Bank of Russia, Elvira Nabiullina, reiterated her skeptical views on cryptocurrencies & cautioned against the same while also asserting that Russian financial bodies should not facilitate the crypto transactions in any manner.
In a contradictory view, Deputy finance minister Alexey Moiseev mentioned that the Russian Federation would not follow the footsteps of China & prohibit its own citizens from investing into cryptocurrencies either on foreign exchange or overseas based wallets.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
