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Russia Doesn’t Want to Ban Bitcoin – Leading Parliamentarian

Tim Alper
Last updated: | 1 min read

The head of Russia’s parliamentary finance commission head has spoken out about new proposed legal amendments, details of which were released in the press – claiming that the measures will not criminalize cryptocurrency, such as bitcoin (BTC), purchases, and could even provide Russian crypto owners with limited property rights.

Source: Adobe/onajourney

Subsequent media reports in Russia and elsewhere had claimed that the Duma was considering issuing an outright ban on crypto transactions.

In an interview with YouTube channel Prekrasnaya Rossiya, Anatoly Aksakov, the head of the State Duma Committee on Financial Markets, admitted that the Central Bank still remains opposed to legalizing the use of cryptocurrencies in Russia.

But Aksakov claimed that leading Duma financial policymakers were not behind any calls for a ban.

He instead insisted that the amendments would seek to ensure citizens declared their crypto transactions, stating that failing to declare crypto holdings would simply mean that those assets were not protected under Russian law. Failure to declare, he added, would not automatically lead to prosecution.

Aksakov added,

“The proposed legislation states that if you acquire cryptocurrency, you must declare it. And this gives you legal protection. In principle, even if you do not declare it, nothing will change for you, except for the fact that your [assets] will not be subject to judicial protection.”

He hinted that declared cryptocurrency holdings would grant owners de facto property rights, and explained that crypto could be inherited under the new proposals. In cases of cryptocurrency theft, rightful owners would have the right to take their cases to court.

He also further distanced himself from calls for a ban, and added,

“The Central Bank believes that it is necessary to limit the ability to acquire [cryptocurrencies], especially for people without expert knowledge who may be susceptible to making losses on investments.”


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