Crypto Restrictions
Russian lawmakers are planning to restrict cryptocurrencies, with a vote expected in the coming weeks. The ban would target crypto exchanges and exchangers outside a special legal framework.
Mining and Testing Allowed
Crypto miners, mining pools, and projects approved by the Central Bank would still be allowed to operate under the experimental legal regime.
Reason for Ban
The government believes cryptocurrencies compete with the Russian ruble and threaten its status as the official currency.
Protecting Against Sanctions
Lawmakers also argue that the ban is necessary to protect Russia from Western sanctions. They believe a domestic virtual currency infrastructure could make the country vulnerable.
Implementation and Future
The ban will take effect on September 1. However, lawmakers have not ruled out lifting it in the future. For now, the focus is on establishing regulations and protecting the Russian economy.
