No plans for total crypto ban in Russia, lawmaker says

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As an experienced financial and political analyst, I find it important to delve deeper into the nuances of this situation rather than relying solely on sensational headlines. Based on the information provided, it appears that Russia is not planning to outlaw crypto turnover within its borders but will prohibit the setting up of crypto exchanges and OTC services within the experimental legal regime.

As a researcher, I’ve come across information suggesting that Russia has no immediate plans to prohibit cryptocurrency transactions within its borders. An authoritative source has underscored the importance of precise reporting over exaggerated headlines in this context.

Deputy Chairman Anton Gorelkin of Russia’s State Duma Committee on Information Policy, Information Technologies, and Communications explained the Russian position regarding cryptocurrency transactions.

As a crypto investor, I’d like to clarify some misconceptions spreading around regarding Gorelkin’s recent statement in a Telegram post. Contrary to some sensationalized headlines, the proposed ban in Russia does not target crypto turnover itself, but rather crypto exchanges. It is essential for us as investors to distinguish between facts and speculation. Let’s strive for accurate information and avoid spreading misinformation.

“Crypto turnover is not restricted. however, establishing crypto exchanges and OTC services beyond the reach of the experimental legal framework will be forbidden.” – Anton Gorelkin (paraphrased)

Gorelkin left open the possibility that the restriction on cryptocurrency exchanges could be lifted at a later time. He emphasized that Russians can continue using foreign crypto platforms and over-the-counter (OTC) services. The Russian official justified the proposed legislation by referring to geopolitical concerns, mentioning the potential risks for businesses if they engage in the crypto exchange industry within Russia due to the possibility of Western sanctions.

As a crypto investor, I’m keeping a close eye on the regulatory landscape in Moscow. The recent news about a potential law impacting Over-The-Counter (OTC) crypto services has left me wondering how it may affect the growing number of companies in Moscow that facilitate the conversion of cryptocurrencies to cash. According to a Bloomberg report, there are now more than a dozen such companies operating out of the Federation Tower East since 2018, based on their listed addresses. However, I’m still uncertain about the specifics of how this law might apply to these businesses.

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2024-04-29 13:27