Can Russia find a moderate solution for regulation? After the country’s central bank proposes a ban on trading and mining, crypto allies across the political spectrum have emerged.
On Jan. 20, the Central Bank of Russia issued a report summarizing its position on digital assets and proposing ain the country. Although the CBR’s strict position on the matter was never a secret, such a bold statement triggered waves of fear, uncertainty, and doubt — otherwise known as FUD — across the board, given Russians’ high rates of involvement in the global digital assets market.
Using an assortment of standard crypto-phobic arguments, such as comparing digital assets to a Ponzi scheme, the central bank’s “Cryptocurrencies: Trends, risks, measures” report calls for a complete domestic ban on over-the-counter trading desks and crypto exchanges alongside mining. Notably, the emphasis is on using the legacy financial infrastructure: The CBR addresses its document to private banks and institutional investors, discouraging them from any involvement in digital assets.
At any rate, the report is not a legally binding document, unlike the federal law “On digital financial assets and digital currency” that was passed in 2020. The language of the law is
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