Russia will have to make a decision on crypto regulation in 2022.

On Thursday, there were conflicting reports in Russia regarding crypto regulatory affairs. First, a Reuters report indicated that the Central Bank of Russia seeks to ban cryptocurrencies, with reference to risks to financial stability and the high rise in the volume of transactions.

If this happens, this move will support the remarks made last month by Russian President Vladimir Putin during a forum held in Moscow, who said that cryptocurrencies “bear high risks”. On this issue, the country’s central bank is presently preparing an advisory report.

However, Chairman of the Duma [Russian Parliament] Committee on Financial Markets, Anatoly Aksakov, revealed in a press conference the same day that:

“There exists a very tough approach about the complete prohibition of cryptocurrencies, such as acquisition or ownership. There [also] exists an approach where there must be appropriate crypto exchanges, where everything is legalized, transparent, and understandable to regulatory bodies. It would be easier for the Federal Tax Service of Russia to tax such [exchange] transactions.”

Furthermore, the Chairman also supported crypto mining regulation in the nation, with reference to factors like business electricity consumption and mining taxation. The country’s authorities have enacted strict crackdowns on the private crypto sector. These includes a ban on mutual funds from investing in BTC. According to recent figures, every year, Russians transact about $5 billion in cryptocurrencies.

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