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- Russia’s leading finance sector group has requested authorities to review the country’s stance against crypto investments in the country’s financial market plan.
- Instead of being outlawed, the group believes that Russians’ crypto-assets should be moved out of the “grey zone.”
- 17.3 million Russians have crypto wallets and have invested 5 trillion rubles (about $67 billion) in cryptocurrencies.
Crypto Asset regulations
According to RIA Novosti and Prime, who cited the suggestion, the Russian National Financial Association (NFA) has made a demand to change the country’s Strategy for Development of the Russian Federation’s Financial Market Until 2030 in the section involving investments in cryptocurrencies. The NFA brings together around 200 businesses involved in Russia’s financial system.
The Russian government and Bank of Russia will continue to resist the use of “monetary surrogates,” a word commonly used to characterize decentralized digital currencies such as bitcoin, according to the policy.
Why oppress legislations on crypto?
According to the statement, they pose a significant risk to individuals and may disturb the execution of macroeconomic measures aimed at generating advantageous economic circumstances.
Despite considerable Russian investments in cryptocurrencies, operations using crypto assets remain “in the grey zone,” according to the Russian banking sector’s self-regulatory organization. According to the group, such transactions generate money for foreign companies and unregistered middlemen.
Russians have invested $67 billion in crypto
More research is needed, according to the NFA, into the possibility of providing Russian investors with access to digital financial assets via Russian professional market participants, as well as the development of cryptocurrency-based exchange-traded mutual investment funds for qualified investors.
Many Russians, according to recent reports, are seeing Bitcoin as a viable investment option.
According to the research, at least 17.3 million Russians have crypto wallets (Racib). According to Anatoly Aksakov, the head of the State Duma’s Financial Market Committee, Russians have invested 5 trillion rubles (about $67 billion) in cryptocurrencies.
The Bank of Russia has opposed cryptocurrency adoption in the nation and wishes to limit crypto investments by restricting card payments to receivers such as digital asset exchanges.
However, according to estimates provided in the central bank’s Financial Stability Snapshot for the second and third quarters of 2021, the yearly amount of digital currency transactions carried out by Russian residents is over $5 billion.
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.
