The post Why Russia Imposed Ban On Cryptocurrencies? appeared first on Coinpedia Fintech News
From September 1, 2024, Russia will impose strict restrictions on cryptocurrency circulation. However, this restriction excludes assets issued within its jurisdiction. Anatoly Aksakov’s move aims to strengthen the Russian ruble’s dominance amidst geopolitical tensions.
Aksakov has highlighted the need to maintain the status of the ruble as the primary monetary unit. Non-Russian crypto operations will be restricted to ensure this. However, exceptions will be made for crypto miners and Central Bank projects for capitalizing on the economic benefits of crypto mining. This would significantly contribute to tax revenues.
Exemptions for Miners and Projects under the Central Bank
Despite the proposed ban on cryptocurrency, the legislature has exemptions for certain groups. Crypto miners can operate post-ban, contributing to the Russian economy. Also, certain projects shall continue
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