Reuters: The Central Bank of the Russian Federation plans to ban cryptocurrencies in Russia

The regulator sees them as a threat to financial stability in the country because of the rise in the number of virtual asset transactions

17.12.2021 - 07:10

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What’s new? The Central Bank of Russia is negotiating with cryptocurrency market participants and experts on a possible ban on investments in digital assets. The regulator is concerned about the risks to the country's financial stability because of the increasing number of transactions with virtual assets, Reuters reports, citing its own sources.

Material on the Reuters website

What is known about the Bank of Russia's plans? One of the Reuters sources claims that at the moment the regulator's position is a complete rejection of cryptocurrencies. However, another source knows that the restrictions are unlikely to affect the owners of previously purchased digital assets.

What do the experts say? The analysts interviewed by Forklog argue that there is no point in a complete ban on cryptocurrencies in Russia. In this case, the owners of digital assets will go to the shadow market, while the authorities will be deprived of the opportunity to tax crypto operations.

Material on the Forklog website

What events preceded it? On Thursday, December 16, Anatoly Aksakov, the head of the State Duma Financial Markets Committee, said that the authorities are discussing various options for regulating the crypto market. Among them is a complete ban, but other options are also being considered, Interfax reports.

Material on the Interfax website

For example, according to Aksakov, the government is considering legalizing crypto exchangers and exchanges to make market transactions transparent from a taxation point of view. The official added that the authorities plan to end all discussions on the issue in the spring session of 2022.

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