Russia has no plans for a total crypto ban, lawmaker says

• Russia will not impose a complete ban on cryptocurrency transactions in the country, as some reports have claimed.
• This is according to Anton Gorelkin, deputy chairman of the State Duma Committee on Information Policy, Information Technologies and Communications.

Reports that Russia is considering a complete ban on crypto trading in the country amid geopolitical tensions are false, a lawmaker said.

Earlier reports had cited the new law aimed at controlling crypto ecosystem As Russia wants to promote its digital finance system and the ruble.

No restrictions on crypto turnover

On Monday, Anton Gorelkin, deputy chairman of the State Duma Committee on Information Policy, Information Technologies and Communications, rejected the claims, which had previously been attributed to State Duma officials.

Goreklin said in a telegram post At the same time, a ban is being considered in a new bill. cryptocurrency exchange In the country, it does not demand a complete ban on crypto trading.

Local media outlet Gazeta also Thrown light on Goreklin’s comments.

,It is surprising that some reputable publications even wrote that “Representatives want to ban the circulation of cryptocurrencies in Russia”,”” he wrote.

According to the lawmaker, the new bill seeks to introduce mechanisms that will help identify illegal or criminal crypto transactions. It wouldn’t make sense to have it in the bill if the purpose was to outlaw everything, Goreklein said.

He emphasized that Russia will not ban crypto turnover. However, the effort is to restrict crypto exchanges and other crypto platforms that are not part of the government pilot program,

The lawmaker also noted that restricting crypto exchange operations aims to limit potential risks that would allow them to be characterized in the context of Western sanctions.

Despite this, crypto users will still have access to foreign cryptocurrency exchanges and over-the-counter (OTC) service providers.

The latest crypto development in Russia comes as recent reports suggest that some Russians and business entities have used crypto to avoid sanctions scrutiny.