Russia will impose strict restrictions on the circulation of crypto assets from September 1, but will exempt miners and central bank projects

PANews reported on April 29 that according to BeInCrypto, from September 1, Russia will impose strict restrictions on the circulation of crypto assets such as Bitcoin, and only allow the issuance of digital financial assets within its jurisdiction. Anatoly Aksakov, chairman of the State Duma Financial Market Committee, led the move. This is part of the government's broader efforts to control the crypto ecosystem amid heightened geopolitical tensions.

Aksakov said that the upcoming law aims to restrict non-Russian cryptocurrency businesses in order to strengthen the dominance of the ruble. Aksakov explained: "Only digital financial assets and digital rubles issued within the Russian jurisdiction will be allowed. Restrictions are needed because currently cryptocurrencies are a quasi-currency that replaces the ruble in the country. But only the Russian ruble can fulfill the mission of a monetary unit, so this decision was made. From September 1, restrictions will be implemented." The bill will create exceptions for cryptocurrency miners and test projects supported by the central bank within the experimental legal framework. This is because cryptocurrency mining has greatly increased Russia's tax revenue.

However, State Duma deputy Anton Gorelkin clarified that Russia does not intend to ban cryptocurrencies outright. The restrictions will affect the creation of cryptocurrency exchanges and other platforms that provide services for cryptocurrency trading. Meanwhile, there is a heated debate among Russian policymakers about this approach. Deputy Chairman of the State Duma Committee on Economic Policy Artem Kiryanov stressed the importance of precise regulation. In contrast to these restrictive views, Russian Finance Minister Anton Siluanov has been advocating a more moderate approach. Earlier this year, Siluano opposed a complete ban on cryptocurrencies, advocating regulation to enable their use in domestic and international transactions. These discussions hint at a potential inclination to use cryptocurrencies for external payments.