As 2022 approaches, Russia is aiming to make a decision between a blanket crypto ban and the legalization of exchanges. On Thursday, Russia's crypto regulatory situation was in a state of flux. First, according to a Reuters story, Russia's Central Bank is considering a ban on cryptocurrencies, citing concerns to financial stability and a growing amount of transactions in recent times.
<h2>Russia will Make a Decision on Blanket Crypto Ban </h2>
The regulation if passed, the measure would be in line with Russian President Vladimir Putin's words at a <a href="https://tittlepress.com/crypto/1374999/">recent </a>financial summit in Moscow, in which he claimed that cryptocurrencies "carry enormous risks." The country's central bank is now compiling an advisory report on the subject.

However, at a press conference the same day, Anatoly Aksakov, head of the Duma [Russian Parliament] Committee on Financial Markets, said the following, as published by local news agency interfax.ru and translated by Cointelegraph:

“There is a firm stance on the total ban of cryptocurrencies, including their purchase and possession. There is also a strategy in which suitable crypto exchanges must be established, and everything must be lawful, transparent, and intelligible to regulatory organizations. The Russian Federal Tax Service would have an easier time taxing such [exchange] transactions.”
<h2>Support for Cryptocurrency Mining </h2>
Chairman Aksakov also expressed his support for <a href="https://www.cryptoknowmics.com/news/miners-will-seek-cheap-electricity-for-bitcoin-mining-andreas/">cryptocurrency mining</a> regulation in the nation, citing mining taxes and corporate power use. Authorities in the country have made developing a CBDC ruble a top priority. They have imposed strict regulations on the private crypto industry, including prohibiting mutual funds from participating in Bitcoin (BTC). According to current estimates, Russians spend roughly $5 billion on cryptocurrency.

Russia by 2022 will Choose Between a Blanket Crypto Ban and the Legalization of Exchanges

As 2022 approaches, Russia is aiming to make a decision between a blanket crypto ban and legalization of exchanges. Russia's Central Bank is considering a ban on cryptocurrencies, citing concerns to financial stability and a growing amount of transactions as justifications. 

Gitumani is a blockchain enthusiast as she keeps a tab on the recent happenings pertaining to the crypto industry. She aims to provide quality content in blockchain and crypto domain. She is a financial content writer too and has worked on several financial projects related to the stock market news, fundamental research, and technical analysis for several websites.

Russia by 2022 will Choose Between a Blanket Crypto Ban and the Legalization of Exchanges

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