While the world continues to bank on rising cryptocurrency trends, there are several countries that are still projecting skepticism over the budding crypto domain. In a new series of developments, Russia is now cracking down on cryptocurrency, stating that Bitcoin and Ethereum are not currencies and reinstating its belief in the ruble.
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Bitcoin and Ethereum Are Not Currencies: Chairman of Russian State Duma Committee Chief
Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, has shared another striking stance on crypto. Aksakov quickly added that Russia will not streamline crypto. It will only allow it to be used as an investment instrument. The Russian Duma chief later shared how the ruble will always reign supreme when it comes to making payments in the country.
“We must understand that cryptocurrencies will never become money in Russia,” Aksakov said. “Cryptocurrencies can only be used as investment instruments. Where payment is required, it must only be conducted in rubles.
Aksakov’s comments have come at a time when Russia seems to be at a crossroads, embracing and resisting the allure of crypto at the same time.
The Persistent Crypto Push and Pull
Russia has always projected a strong stance towards the crypto domain. Whether it’s about supporting crypto regulation or it’s about banning it, statements from its central bank leading personnel have always projected a cautious attitude towards the domain.
Russia’s central bank governor, Elvira Nabiullina, had earlier urged for a total crypto ban. But over the years, the nation has now started to entertain talks about regulating the crypto domain.
“If [cryptocurrencies] were legalized, federal budget revenues may see a significant increase,” Masharov said. “And most importantly, law enforcement agencies could thwart attempts to launder funds stolen through voice phishing fraud.”
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