Bank of Russia to allow crypto investment via foreign firms: Report

Bank of Russia to allow crypto investment via foreign firms: Report

Russia continues to send mixed signals to cryptocurrency markets, as more reports detail the country’s forthcoming crypto regulation.

Soon after Elvira Nabiullina, Governor of Bank of Russia, announced that the Bank would not allow crypto to be used in the local financial system, another official at the central bank clarified that crypto investments will continue to be legal in Russia.

According to a report published by the state-owned publication TASS on Dec. 20, Vladimir Chistyukhin, Russians will not be able to invest directly in cryptocurrencies such as Bitcoin (BTC).

According to Chistyukhin, “Russian citizens as well as businesses have the right of acquiring and holding cryptocurrency,” he stated.

According to the official, the Russian government was working to improve regulatory clarity in the crypto industry and promised that local authorities would be looking into legal options.

Chistyukhin stated that Russia’s central bank is currently preparing an advisory report in which it will detail its vision on crypto and the Russian financial system.

“I’ll give a hint. “We don’t see cryptocurrency as a viable option in the Russian financial markets.”

These remarks follow Anatoly Aksakov’s announcement on December 16th that Russia would choose between legalizing cryptocurrency exchanges in 2022 or a blanket ban on crypto. Aksakov claimed that Russians had invested more than $67 billion in crypto-currencies like Bitcoin on Dec. 20. This prompted the need for urgent regulations.

Related: Bank of Russia bans mutual funds from investing Bitcoin

Russia’s plan to allow crypto investments only via foreign crypto-exchanges is not surprising, as Russia doesn’t have any legal Russia-born crypto exchanges.

Sergei Khitrov of Blockchain Life claims that many cryptocurrency exchanges with Russian roots have either fled Russia or continue to operate illegally. According to investigations, Moscow City is home to roughly 50 cryptocurrency exchanges that are involved in illegal activity.

However, services offered by global crypto exchanges such as Binance are extremely popular in Russia. Russia is second in total traffic to Binance.

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