Russian Lawmakers Confirm Crypto Ban Rollout as Early as September 1

Russian Lawmakers Confirm Crypto Ban Rollout by September 1

In a recent announcement, top lawmakers in Russia have confirmed that a “crypto ban” could be implemented as early as September 1. Anatoly Aksakov, the Chairman of the State Duma Committee on the Financial Market, revealed that lawmakers will soon vote on a ban on organizing the circulation of cryptocurrencies.

The proposed bill will exempt only digital financial assets issued in Russian jurisdictions, including bank-issued blockchain-powered digital coins and the Central Bank’s digital ruble project. While the bill is expected to receive support from the State Duma, it has faced opposition from the Central Bank in the past, which called for a total ban on crypto similar to China’s approach.

However, the new bill aims to strike a compromise by allowing exemptions for miners, mining pools, and test projects supervised by the Central Bank. This move comes as the Central Bank seeks to bring firms using crypto for international trade deals under its regulatory umbrella.

Despite concerns raised by Russian crypto users, Deputy Chairman Anton Gorelkin reassured that the bill would not prohibit the circulation of cryptocurrencies in Russia but rather focus on regulating the organization of circulation. The aim is to crack down on illegal crypto exchanges and protect businesses from Western sanctions.

As the crypto ban rollout approaches, it is clear that Russian lawmakers are taking steps to regulate the crypto sector and ensure compliance with international standards. The future of crypto in Russia remains uncertain, but the proposed bill could have far-reaching implications for the country’s crypto industry.