On Thursday, January 20, experts in the field of cryptocurrencies and mining commented on the proposal of the Central Bank of the Russian Federation to ban the production and circulation of this type of finance.
Thus, the president of the Cryptocurrency and Blockchain Association, Yuri Pripachkin, believes that the Central Bank should learn to control the circulation of cryptocurrencies, and not try to ban it. According to him, it is impossible to prohibit operations with cryptocurrency, realizing that the Central Bank does not allow them, since it does not have control over this industry. He added that most transactions with cryptocurrencies go through gray schemes, since they are not legalized in Russia.
“We have returned to the era of decentralized money, and the Central Bank should learn how to manage it … Moreover, there is experience in regulation – the UAE, Singapore, Liechtenstein and so on,” Pripachkin said in an interview with the Zvezda TV channel.
At the same time, cryptocurrency market analyst Viktor Pershikov said that the issue of banning cryptocurrency mining is very serious and the Central Bank should discuss it with experts in this field. He noted that he was not ready to unambiguously say that Russia would go for it.
“But they can prohibit the purchase of cryptocurrency in rubles through Russian banks. For this category of investors, such a ban can hit hard, ”Ridus quotes Pershikov.
In turn, Mikhail Khudokormov, an expert on blockchain and cryptocurrency mining, called the intention of the Central Bank of the Russian Federation to introduce a complete ban on mining and operations with cryptocurrencies in Russia controversial and complex.
Earlier that day, the Central Bank proposed introducing liability for Russian legal entities and individuals for violating the ban on the use of cryptocurrency as a means of payment.
The Central Bank also proposed to ban financial institutions from investing in cryptocurrencies and related instruments. According to Bank of Russia analysts, cryptocurrencies create risks for the Russian financial market, they can carry systemic threats in the absence of restrictions and the involvement of banks and other financial organizations in the market.
On Thursday, Bloomberg reported that the Federal Security Service convinced the head of the Central Bank of the Russian Federation, Elvira Nabiullina, to support a complete ban on transactions with cryptocurrencies in the country. According to the publication, the service advocated this ban, since payments made in cryptocurrency are difficult to trace.
In July 2020, Head of State Vladimir Putin signed a law on the regulation of digital financial assets (DFA) and cryptocurrencies. According to the document, since 2021, the country is allowed to conduct transactions with CFA, cryptocurrencies can be the object of collateral, purchase and sale transactions, exchange of one type of CFA for another. It is forbidden to use them as a means of payment.
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
