October 26, 2020

Bank of Russia categorically against the legalization of cryptocurrencies on the public blockchain

Bank of Russia categorically against the legalization of cryptocurrencies on the public blockchain

Participants in the discussion on finalizing the bill onCFAs intend to legalize only those cryptocurrencies that operate on closed blockchain platforms created and operating under the laws of the Russian Federation.

According to Kommersant, the head of the committeeState Duma on the financial market Anatoly Aksakov said that as part of the discussion of the document, the majority supports the tough position of the Central Bank, which is categorically against the legalization of open cryptocurrencies such as bitcoin and ether. The Central Bank believes that this will jeopardize the state financial system, creating additional risks and complicating the fight against money laundering.

He specified that it is planned to allow the circulation of only digital assets launched on controlled platforms that operate under Russian laws.

However, this position does not cancel the existence of independent cryptocurrencies, which are already actively and uncontrolled in the Russian market.

Recall that earlier in October, the Ministry of Finance decided to revise the approach to regulating the cryptocurrency market, dividing cryptocurrencies into three main groups based on their functioning features.

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