In Brief
- Russia bans non-Russian crypto, effective Sept 1, exempts miners.
- It aims to strengthen ruble, control crypto amidst geopolitical tensions.
- Debate persists; Finance Minister of Russia advocates regulated use.
Starting September 1, Russia will enforce a strict ban on the general circulation of crypto assets such as Bitcoin. Only digital financial assets issued within its jurisdiction will be allowed.
Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, leads this initiative. It is part of a broader governmental effort to control the crypto ecosystem amid rising geopolitical tensions.
Why Russia Wants to Ban Crypto?
Aksakov stated that the forthcoming legislation aims to restrict non-Russian crypto operations to reinforce the ruble’s dominance.
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