Russia Plans Crypto Ban by September 2024

Top lawmakers in Russia have confirmed that a proposed “crypto ban” could be implemented as early as September 1, raising concerns and uncertainties within the cryptocurrency community.

The Proposed Legislation: What’s Included?

The bill under consideration in the State Duma aims to ban the organization of cryptocurrency circulation in Russia, with only digital financial assets issued within Russian jurisdictions exempted. These exemptions notably include blockchain-powered digital coins issued by Russian banks and the Central Bank’s digital ruble initiative.

Exemptions and Compromises

Despite earlier calls for a complete ban akin to China’s approach, the bill appears to be a compromise, accommodating some interests within the government and financial sector. Notably, exceptions will be made for miners, mining pools, and supervised test projects under the Central Bank’s oversight.

Also Read: China Logs Massive $86.4 Billion Crypto Transactions Amid Ban

Concerns and Potential Impact

While the legislation may not explicitly require Russian banks to reject crypto-related transactions, there are concerns about its broader impact on the crypto community. Millions of Russian crypto users could face significant challenges if the bill is passed in its current form, potentially restricting access to crypto exchanges and transactions.

Future of Crypto Regulation in Russia

The proposed ban raises questions about the future of cryptocurrency regulation in Russia and its implications for businesses and individuals involved in the crypto sector. With ongoing discussions and potential revisions to the bill, the regulatory environment for cryptocurrencies in Russia remains uncertain, amid global scrutiny and pressure for more comprehensive regulation.