Russian Ministry Seeks Crypto Ban (Report)

Some reports claimed that the Russian finance ministry proposed a bill to regulate crypto mining in the country but ban cryptocurrency investment & trading activities.

Russia is now a crypto-friendly jurisdiction. In Jan 2021 Russia welcomed the crypto industry adoption approach via a new crypto bill, for which Russian government agencies faced huge criticism as the bill was failing to cover the whole crypto sector regulation. In Q4 2021, the central bank of Russia was in full mood to bring crypto blanket measures in the country but the whole game changed after the Russia vs Ukraine conflict. 

Recently Frank Media, sources “familiar with the matter,” told the news agency Interfax, said that Russia’s finance ministry proposed a bill that includes measures to regulate the crypto mining activities in the country so that the country’s regulators can regulate the crypto mining companies under a full regulatory framework & can collect crypto mining business tax accordingly. 

Alongwith the crypto mining regulation plan, there is also a ban plan for crypto-related other activities, which may be probably investment, trading, and use in the payment system (which is already banned). 

The report confirmed that stablecoin issuers will remain free to operate their business, indeed that will help commercial banks to develop blockchain technology-powered tokens to provide easy & fast payment services. 

So far no government officials talked about the crypto ban proposal but some media reports claimed that it is a conspiracy theory to create panic among the crypto Investors so that big players can purchase Bitcoin & Ethereum at high discount prices. 

It is worth it to note that the Russian finance ministry supported the crypto adoption plan several times and also several times ministry officials passed comments against the Central Bank in support of cryptocurrencies. So what is the reason this time that they are considering banning cryptocurrencies in the country? This fact is obviously creating a big question among the crypto investors.

Read also: Binance boss dismisses multiple executives departure FUD,  following “Fortune report”

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