Can the Russian central bank persuaded other authorities to comprehensively ban encrypted investment?

At the nearest press conference, Elviranabiullina, Russian Central Bank (CBR), said that the Russian currency authorities do not welcome Russian citizens investment encrypted currencies. She emphasizes that their volatility and may be used for criminal activities is the main reason for regulatory agencies to take this position.

The President also pointed out that the Russian bank’s position should not use Russia’s financial infrastructure to promote encrypted currency transactions. She emphasized that the regulatory agency has the ability to implement restrictions and reiterates that the bank is skeptical about these assets.

Quotation of commercial news portals RBC, Elviranabiullina elaborate: “Encrypted currency has a great risk for retail investors due to its high volatility and illegal activities, so we don’t welcome investment in this asset.”

It is reported that the Russian authorities are currently holding relevant issues, making choices in the supervision methods of two distinct encrypted currencies and related activities. Although the Russian central bank is seeking tobontancing to buy encrypted currency, the State Duma is developing the rules of Currency mining and transactions. Although the Russian central bank opposes the free circulation of encrypted currency, including its use in payment, these will legalize the encrypted currency.

Earlier this week, Reuters quoted a source of information close to CBR stated that the monetary authorities were negotiating with market participants in the future. One of them revealed that the current position of the central bank is “completely refused” encrypted currency. However, there are industry experts to warn that this move will push encrypted currency investors to underground activities and prevent national rational taxes.

However, according to the Director of the Parliamentary Financial Market Committee, the legislator is also considering legitimizing encrypted currency transactions, which will allow tax on related profits and income. AKSAKOV said that the State Duma has passed a draft law to tax on the Russian Federation. The legislation recognizes that digital currency such as Bitcoin is the property of tax purposes, and has been submitted to the hospital in December last year.