Russia, which has long been pretty unwelcoming to cryptos, has plans to fully ban them. This became clear from recent official reports by Reuters, who cited two different anonymous sources connected to the country’s financial regulator. According to these reports, the main motivation behind the ban are concerns about the country’s financial stability in times of increased cryptocurrency transactions.
Crypto regulation in Russia has been a mess for a while now too. On one hand, using digital coins as payment got banned last year, on another hand officials recognized those to be property. There was concern about taxing cryptos, a few legislations were drafted, but even fewer made their way into becoming laws.
Russia’s Central Bank is apparently already communicating with crypto exchanges about the ban. All that said, even if the ban became reality, it would not affect existing cryptocurrency holdings.
Source
They also had plans to criminalize cryptos some time ago which didn't come to fruition, so we'll see what will happen with the current plan.
Crypto regulation in Russia has been a mess for a while now too. On one hand, using digital coins as payment got banned last year, on another hand officials recognized those to be property. There was concern about taxing cryptos, a few legislations were drafted, but even fewer made their way into becoming laws.
Russia’s Central Bank is apparently already communicating with crypto exchanges about the ban. All that said, even if the ban became reality, it would not affect existing cryptocurrency holdings.
Source
They also had plans to criminalize cryptos some time ago which didn't come to fruition, so we'll see what will happen with the current plan.
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