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Russian Authorities Considers Banning Or Legalizing Cryptocurrency

Senior senator says Russian authorities are debating whether to ban or legalize cryptocurrencies such as bitcoin.
Furthermore, as per Anatoly Aksakov, speaking local media, the authorities will decide on a crypto strategy next year.
However, some sources says the Russian Bank working with stakeholders. Of course, also with financial authorities for an outright ban cryptocurrency.

Furthermore, This is not the first time Russian authorities are giving the digital currency industry contradictory signals.
Also, One thing is that Bitcoin cannot be for making payments in the country.
Of course, It is not stopping citizens from purchasing or retaining cryptocurrencies. Even after forcing public officials to disclose their holdings.

So, as per local media, Aksakov, the leader of the important State Duma’s Committee on Financial Markets. Also, says the government is considering two approaches:
A blanket ban or licensing crypto exchanges.

More so, The congressman explains during a recent press conference that the government must make a decision fast.
This, he predicts, will happen in early 2022.

So, Interfax, the Russian lawmaker explains,

“There exists a very tough approach about the complete prohibition of cryptocurrencies,…”
“such as acquisition or ownership. There [also] exists an approach where there must be…”
“appropriate crypto exchanges, where everything is legalized,…”
“transparent, and understandable to regulatory bodies.”

Aksakov believes that the Federal Tax Service should levy taxes on crypto exchanges. That’s, he favors their legalization. Lastly, On the same day that the politician says the government is debating which route to take. More so, Reuters reports that the Russian Bank already decided to ban Bitcoin.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.