Russia to Enact a Ban on Domestic Operations Of Cryptocurrency Exchanges

Russia is reportedly preparing to enact a ban on the internal organization of cryptocurrency exchanges. According to statements made by Anatoly Aksakov, Chairman of the Russian Duma for the Financial Market, the ban will be enacted starting on September 1, as part of a bill that regulates the cryptocurrency mining activity in Russia.

The bill, introduced by a group of deputies led by Aksakov, establishes that certain exceptions will be applied to mining activities and pools to allow them to keep operating on Russian soil.

Regarding the bill, Aksakov stated that digital financial assets issued by Russia will be allowed to circulate freely across national exchanges. He declared:

Digital financial assets issued in Russian jurisdiction, digital rubles, will be allowed.

Furthermore, Aksakov explained that the need for this ban lies in the fact that these assets are quasi-currencies that compete and seek to replace the Russian ruble. “But only the Russian ruble fulfills the mission of a monetary unit, which is why this decision was made,” he stressed.

Aksakov believes that digital financial assets, and not cryptocurrencies, might serve Russia to open financial markets now closed due to economic sanctions. On April 17, he specified that it was “quite possible” that these would become a “serious channel to replace fiat currencies in international transactions.”

Answering what he called “sensational headlines” that pointed towards a total ban of crypto circulation in the country, Anton Gorelkin, a co-sponsor of the mentioned bill, stated:

The circulation of cryptocurrencies will not be prohibited. The organization of circulation is prohibited – that is, the creation of exchanges and exchangers outside the zone of operation of the experimental legal regime.

Bank of Russia Governor Elvira Nabiullina had referred to the use of cryptocurrency for international payments, clarifying these would have to be supported by an experimental regulatory framework. Aksakov said that Bank of Russia’s projects would also be exempted from the law’s action.

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