Russian politician claims country is not planning outright crypto ban


The Russian government will not outright prohibit the use of cryptocurrencies, contrary to what some have said.

A politician in Russia has denied reports that the nation is considering a total ban on cryptocurrency turnover due to geopolitical concerns.

The Russian government is reportedly working to promote its digital financial system and the roble by passing new laws that would regulate the cryptocurrency ecosystem.

A member of the State Duma committee responsible for information policy, IT, and communications, Anton Gorelkin, denied on Monday the claims made by those in authority in the chamber.

In a Telegram thread, Goreklin clarified that the new measure is not trying to outright restrict bitcoin turnover, but it is looking at blocking cryptocurrency exchanges in the nation.

Gazeta, a local news source, also featured Goreklin’s remarks. He expressed his surprise that “deputies intend to outlaw the circulation of cryptocurrencies in Russia” and that even renowned outlets have reported this.

The politician claims that processes to detect illicit or criminal cryptocurrency transactions are the goal of the proposed measure. If the goal is to make everything unlawful, then include this in the bill is pointless, Goreklin said.

Russia would not outright prohibit cryptocurrency turnover, he said. Crypto exchanges and other non-pilot programmer crypto platforms are the target of the attempt to ban them.

The politician went on to say that prohibiting crypto exchange activities is a way to protect themselves from the possible consequences of Western sanctions that may result from legalizing them.

This won’t stop crypto enthusiasts from using OTC service providers and international coin exchanges. According to recent reports, some Russians and businesses have used cryptocurrency to avoid sanctions. This is the latest in a series of crypto-related events in Russia.

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