According to the Trade Minister, it will be a fact that a regulation on cryptocurrencies will come into place in Russia, but we still have to wait for due process and for it to be duly debated and studied by the relevant bodies.
The Minister of Industry and Trade of the Russian Federation, Denis Manturov, assured that it is just a matter of time before Russia regulates Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and the rest of the cryptocurrencies as a form of payment within its financial system.
Russia to regulate cryptocurrencies
Manturov’s statements came during an educational event called New Horizon, where the official shared some views on the possibility of the nation providing some sort of legal status to cryptocurrencies within its territory.
In this regard, Manturov commented:
“The question is when it will happen, how it will happen and how it will be regulated. Now both the Central Bank and the government are actively involved in this.”
Let us bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” in mind that before Russia’s armed incursion into Ukrainian territory began, there were conflicting positions between the government authorities and theBanco Central. The latter were firmly against the regulation of cryptocurrencies, even calling for a ban on the marketing and use of cryptocurrencies at the local level, while the other side called for speed in addressing this issue as soon as possible to ensure a legal approach.
Russia, sanctions and Bitcoin
For many critics and analysts, Manturov’s perspective is entirely viable, since after Russia’s armed invasion of Ukraine, the country has seen a large number of financial channels for doing business shut down.
From targeted sanctions against senior members of the government to the cessation of services by a large number of reputable companies, analysts agree that all these conditions have caused the authorities of the Soviet country to change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. their perspective towards cryptocurrencies and begin to operate with them as a mechanism to circumvent the sanctions that weigh on the country.
Although various reports claim that the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market an area or arena, online or offline, in which commercial dealings are conducted. is too illiquid for Russia to leverage money that a trader borrows from a brokerage, enabling them to gain far greater exposure to a position than what their capital allows. these assets to its advantage, several government officials have acknowledged the benefits of cryptocurrency trading for the country, especially highlighting the decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. nature of payments.
For now, we can only wait for some kind of official announcement from the Russian government, which already has a draft law by the Ministry of Finance, which will be debated sometime this year.
- Russia’s Ministry of Finance has ready draft law on crypto regulation
- Binance blocks accounts of family members of Russian government officials
- U.S. Treasury imposed sanctions on cryptocurrency company doing business with Russia
Version by Angel Di Matteo / DiarioBitcoin
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