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Russian Ministry Proposes ‘Crypto Ban’
The Russian finance ministry has recently proposed a ban on the circulation of cryptocurrencies within the nation. However, in an attempt to strike a balance, the ministry has suggested making exceptions for stablecoin issuers and crypto miners. This article delves into the details of the proposed ban, the potential inclusion in the crypto mining legalization bill, and the motivations behind the ministry’s stance.
The Proposed Crypto Ban
The Russian finance ministry has taken a strong stance on cryptocurrencies by proposing a ban on their circulation. According to sources familiar with the matter, the proposals have already been drafted and might be bundled with the long-delayed crypto mining legalization bill. If implemented, this ban would significantly impact the cryptocurrency ecosystem in Russia.
Exception for Stablecoin Issuers
While the proposed ban aims to restrict most cryptocurrencies, stablecoin issuers could be granted an exception. Stablecoins are cryptocurrencies designed to minimize price volatility by pegging their value to an external reference, such as a fiat currency. This exception indicates that the Russian government recognizes the potential benefits of stablecoins, particularly for providing stability in the digital financial space.
