Will Russia ban cryptocurrency?

Jan, 25 2022

The director of the profile department of the Central Bank stated that she intends to seek only a ban on the issuance, mining and circulation of cryptocurrencies and establishing liability for violation of such restrictions. At the same time, operations with cryptocurrency in foreign jurisdictions will be allowed.

The Central Bank of the Russian Federation is concerned about the threat of a financial bubble and significant risks for creditors due to the volatility of the cryptocurrency.
This is quite reasonable, even the most stable positions can lose up to 20 percent of the value per day. New projects that raise millions of dollars to launch their product, very often startups, having received a round sum, stop their activities and declare themselves bankrupt.

At the same time, if the regulator adopts clear rules of the game and protects investors,
then citizens will be able to more confidently invest in cryptocurrency, and the state will be able to receive income in the form of income tax.
The State Duma has already considered in the first reading a bill on the possibility of circulation of cryptocurrency. The second reading and, as a result, the entry into force of the law is expected before the summer of 2022.
The mentioned bill was initiated by the Government of the Russian Federation, which proposed to fully legalize cryptocurrencies in Russia, which includes: recognition of its property, declaration of all digital assets, payment of income tax in the amount of 13 percent or 30 percent for tax non-residents.

As a result, very soon we will see which path Russia will take in the field of crypto-regulation: a complete ban, as in China and Thailand, or crypto-paradise, where everything is possible, you just need to pay taxes, because. in Singapore and Australia.

Author of the article
Will Russia ban cryptocurrency?
Valentina Khlavich
Managing Partner
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