Contrary to sensationalist headlines, Russia has no imminent plans to completely ban cryptocurrency transactions within its borders, according to statements made by Russian lawmaker Anton Gorelkin.
Gorelkin, who holds a position as the deputy chairman of the State Duma Committee on Information Policy, Information Technologies, and Communications, took to Telegram to clarify the government’s stance on cryptocurrency activities.
Despite co-authoring a bill targeting the prohibition of crypto exchanges in Russia, Gorelkin stated that cryptocurrency transactions themselves will not face prohibition.
He criticized media outlets for sensationalizing the issue rather than verifying facts, stressing that while setting up crypto exchanges and over-the-counter (OTC) services outside the designated legal framework will be prohibited, the general turnover of cryptocurrencies will not be restricted.
Gorelkin hinted at the potential for revising this restriction in the future, indicating that individuals are still permitted to utilize foreign crypto exchanges and OTC services.
The motivation behind the proposed bill, according to Gorelkin, lies in geopolitical considerations, particularly concerns about businesses in the crypto exchange sector being vulnerable to Western sanctions if they operate within Russia.
However, the bill’s potential impact on numerous OTC crypto services in Moscow remains uncertain.
Reports suggest that Moscow’s Federation Tower East has become a hub for numerous companies converting cryptocurrencies to cash since 2018, raising questions about how such entities may be affected by the proposed legislation.
