Banning Bitcoin In Russia Is Impossible!

Russia’s minister of finance has stated that “It’s impossible to ban cryptocurrencies in Russia.” This saying has not sat completely right with the Russian Bank.

It Is Impossible To Ban Crypto In Russia?

Following the Russian green light to cryptocurrencies, Russia’s finance minister, Anton Siluanov, claimed that banning cryptocurrencies like Bitcoin (BTC) is “the same as banning the Internet, which is impossible”. Despite this, the Bank of Russia’s repeated warnings for the government to ban crypto in Russia.

Regulating Bitcoin Is Better Than Banning It!

According to reports, the finance minister stated that regulating the Bitcoin business as soon as possible is preferable to forbid it. It would allow the government to finally control the market and increase the country’s finances by crypto mining taxes.

Siluanov Quotes On The Cryptocurrency

“What’s wrong with that? I don’t understand why it should be banned,” At the briefing, Siluanov stated that there is a simple method for taxing the market. According to the minister, the government should keep taxes on withdrawn fiat assets and gains deposited.
“The Central Bank wants to put an outright ban on crypto assets, arguing that this creates risks, primarily for citizens and can ‘infect’ financial institutions, banks and create an opaque settlement market,” Siluanov noted.

Siluanov continued by stating that it is vital to limit cryptocurrency exposure by non-professional investors.

Russia Limits Investing In Crypto For Inexperienced Investors!

The Bank of Russia rejects allowing non-professional investors to purchase cryptocurrencies such as Bitcoin, mentioning frequent money laundering and fraud concerns. The government has been particularly antagonistic to crypto when it comes to mining, warning about “nonexistent cryptocurrency” scam mining operations.

How Much Is The Crypto Limitation In Russia?

To avoid further problems with inexperienced investors, the minister stated that the maximum investment for unskilled investors could be set between 50,000 Russian rubles ($660) and 100,000 rubles ($1,300). Siluanov’s deputy Alexei Moiseev had previously recommended capping such purchases at $660. Officials did not say if the proposed restriction would apply to monthly payments or investments over a longer period.

Final Remarks

After years of argumentation, the Bank of Russia and the Russian government expect to reach an argumentation on crypto law. It is no secret that cryptocurrencies are controlled under many different policies worldwide, and it is essential to know the rules before embarking on such risky journeys! You can make confident crypto decisions using the exclusive information and hot news we handpick for you at cryptologi.st!

Source: https://www.cryptologi.st/news/banning-bitcoin-in-russia-is-impossible