Russia is reportedly planning to impose a broad crypto ban in September.
Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market, says the country plans to ban “organizing the circulation of cryptocurrencies,” according to the National News Service, a Russian media agency.
“We are talking about a ban on transactions with Bitcoin and other cryptocurrencies. Digital financial assets issued in Russian jurisdiction, digital rubles, will be allowed. The need for a ban is due to the fact that today cryptocurrency is a quasi-currency that replaces the ruble in the country. But only the Russian ruble fulfills the mission of a monetary unit, which is why this decision was made. The ban will be introduced from September 1.”
News of the upcoming crypto ban surfaces as Russia has tried out a new central bank digital currency (CBDC).
Russian President Vladimir Putin greenlighted the launch of a pilot program for the digital ruble last summer, and Olga Skorobogatova, First Vice Chairman of the Bank of Russia, told Forbes at the time that widespread adoption of the CBDC could become a reality as early as 2025 could become.
Skorobogatova told Russian news agency Interfax in March that the Bank of Russia had processed about 25,000 digital ruble transactions.
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