The Bank of Russia sees the use of cryptocurrencies as a threat and a risk for the Russian financial market. Cryptocurrencies are a “substitute for digital money,” the Central Bank noted in the draft on the main directions of development of the financial market.
Author:
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The regulator considers the spread of cryptocurrencies to be an external macroeconomic factor that threatens the domestic financial market, the document clarifies.
The lack of government regulation of the cryptocurrency market will lead to an increase in its use instead of national currencies, the Central Bank noted, and regulatory measures taken by some states may prove insufficient due to the cross-border nature of cryptocurrencies.
In the summer of 2024, Russia adopted two laws on cryptocurrencies. The first document legalized the cryptocurrency market itself, introducing the concepts of mining, mining pool, and mining infrastructure operator. The second law, which will come into force on November 1, 2024, brought cryptocurrency mining into the legislative field: the document allows individual entrepreneurs, legal entities, and individuals to mine cryptocurrency in Russia.
According to Kommersant’s sources, Russia plans to launch two cryptocurrency exchanges for foreign trade. Locations may appear in Moscow and St. Petersburg.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
