Russia’s crypto legislation is taking a sharp U-Turn as the local experts do not rule out that it could effectively stop the people in the country from legally trading in Bitcoin, Ethereum and other major altcoins on domestic exchanges. Let’s find out more about the latest cryptocurrency news below.
The head of Fintech O2 Consulting, Daria Nosova explained:
“Until the full text of the amended bill is published, it is impossible to say anything for certain, especially as its terms have been changed more than once.’’
According to the Tass report, the experts understand that Russia’s crypto legislation will in fact ‘remove most common cryptocurrencies such as Ethereum and Bitcoin from the legal sphere, a factor that will force the market participants to operate outside the law.’’
A crypto trader from Moscow explained his view on the crypto regulation and told Cryptonews.com:
“All this political horse-trading over cryptocurrencies is getting pretty tiresome for everyone involved. Can politicians really not put this issue to bed once and for all?”
Nosova was quoted by Tass stating that this move could potentially lead to a de-facto ban on legal trading of Ethereum, Bitcoin and other altcoins in the country although the government would likely not move to actually block the citizens from trading cryptocurrencies. Nosova also stated that it was clear that no compromise has been reached on this crypto bill. The politicians are trying to draw a regulatory bill but have ended up with their heads against the wall with the Central Bank of Russia prohibiting them to move forward as it is strongly opposed to all things crypto-related.
Another popular company Finam, truly believes that while Bitcoin trading will not be criminalized with the latest crypto regulations, ‘’it will serve to further marginalize it, with traders left to negotiate the market at their own risk.’’ However, Nosova believes that there could be a silver lining at the end of the story. Trading could get a green light in certain exceptional cases such as in the case of Government-approved cryptocurrencies that the regulators rule to qualify as derivatives as we learned previously.
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