Russia has no plans to outlaw cryptocurrency trading in the country, an official said, stressing the need for accurate reporting rather than sensational headlines.
Russian lawmaker Anton Gorelkin, deputy chairman of the State Duma Committee on Information Policy, Information Technology and Communications, clarified his country's position on the trading volume of cryptocurrencies.
Gorelkin, who is also a co-author of a bill aimed at banning crypto exchanges in Russia, said in a Telegram post that crypto trading itself would not be outlawed, and instead of being confirmed by news outlets. He criticized the publication for making sensational headlines.
“Of course, trading in virtual currencies is not prohibited. Establishment of cryptocurrency exchanges and over-the-counter exchanges [OTC] Services outside the operational area of the experimental legal system are prohibited. ” Anton Gorelkin
Gorelkin did not rule out the possibility that this restriction could be lifted in the future, noting that individuals will still be free to use foreign crypto exchanges and OTC services as before. In explaining the rationale behind the bill, Russian officials cited “geopolitical realities” that would expose companies to Western sanctions if they decide to do business on virtual currency exchanges in Russia. He pointed out that there is a possibility of exposure.
However, it remains unclear whether this law will affect Moscow's large number of over-the-counter crypto services. As Bloomberg previously reported, Moscow's Federation Tower East has been the center of “more than a dozen companies converting cryptocurrencies into cash since 2018, judging by the addresses listed on their company websites.” ing.
