The Central Bank Accused of Attempting to Disgrace Russia

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Key Takeaways:

  • The majority of government and politicians in Russia, according to the Russian website lenta ru, oppose the central bank’s report on a crypto prohibition.
  • The study served as nothing more than fodder for debate.
  • They seek to pass legislation regarding cryptocurrencies and taxes.

According to the deputies, the Central Bank is alone in its desire for absolute bans. No government authority has so far supported the Central Bank’s position inside the State Duma’s working group, which comprises representatives from nearly all law enforcement agencies. At the same time, the deputies are concerned that the repressive measures will “turn Russia into a laughingstock around the world.”

The majority of state authorities did not agree with the Bank of Russia’s position on campaigning for restrictive laws related to cryptocurrencies. Members of the government, State Duma lawmakers, and even law enforcement officials (the Ministry of Internal Affairs, the FSB, the Prosecutor General’s Office, and the Investigative Committee) were all opposed to the Central Bank’s proposals. Anatoly Aksakov, the head of the State Duma Committee on the Financial Market, and Andrey Lugovoy, the First Deputy Chairman of the Committee on Security and Anti-Corruption, told Lente.ru about this.

Legislators also claim that the Bank of Russia has recently attempted to misinterpret the present statute “On Digital Financial Assets”. “It is fairly evident that we are talking about cryptocurrencies – about bitcoins, ethereums, litecoins, or anything else, in the sense of the deputies who adopted this bill.”

Legislators allege that they have been trying to establish a new industry into the legal area since the first statute was passed, including increased revenue. The relevant law had previously been adopted in the first reading, according to Lugovoy. Still, the Bank of Russia prevented the document’s further adoption, which had significantly changed its stance on the matter. “In the second reading, they can’t agree with the Central Bank in any way — it backed the bill in the first reading, but then stopped supporting it for some reason.”

The Bank of Russia published a significant report on the risks presented by cryptocurrencies to the Russian financial system and regular citizens on Thursday, January 20. Cryptocurrencies, according to the regulator, are incredibly volatile and pose a threat to the country’s financial stability, while citizens risk losing their money. As a result, the regulator insists on a complete ban on cryptocurrency mining and transactions in Russia.

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Chetna Prakash