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Cryptos Circulation in Russia Looks Grim as Central Bank Could Ban Issuance 

Cryptos Circulation in Russia Looks Grim as Central Bank Could Ban Issuance 
  • There are many aspects of uncertainty in regards to crypto regulation in Russia.
  • According to an exec from the bank, the country’s major crypto legislation is set to ban the issuance and circulation of cryptocurrencies.

There are many aspects of uncertainty in regards to cryptocurrency regulation in Russia, this is further being pushed due to its proposed crypto law as the countries central bank has made yet another statement on the issue.

According to an executive from the bank, the country’s major cryptocurrency legislation is set to ban the issuance and circulation of cryptocurrencies. The head of the legal department at the central bank, Alexey Guznov has revealed the news in an interview with one local news source, Interfax.

Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

The initial bill specifies that trading in digital currency would be allowed in the nation but the edited document will allegedly prevent almost everything about cryptocurrency.

On top of this, the official has said that the upcoming law will be prohibiting the circulation of cryptocurrency on a very strict level. 

Guznov has further said:

“In terms of the functioning of the financial system and consumer protection system, legalization of the issuance and facilitating the circulation of cryptocurrencies is an unjustified risk. As such, the bill explicitly prohibits emission and organization of cryptocurrency circulation, introducing legal liability for violating these rules.” 

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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