This stems from the statement of the head of the legal department of the central bank for Russian media. Alexey Guznov said the issue and circulation of cryptocurrencies in the country posed a risk.
In particular, the ‘unjustified risk’ that should now be taken into account by the Digital Financial Assets Act. Originally, the document allowed trading in cryptocurrencies. The new version, however, reportedly will be much stricter, Guznov says.
According to Guznov, the amended document is likely to forbid almost anything in connection with the cryptocurrency, except perhaps for hodling. The law will also impose penalties for non-compliance in an undisclosed amount. “The bill therefore explicitly prohibits the emission and organization of cryptocurrency circulation,” a central bank official said.
However, it adds that they cannot regulate the purchase of BTC or other cryptocurrencies outside the jurisdiction of Russia. However, it is not yet clear what the final form of the law will be, which has been under preparation for several years. The central bank is probably one of the largest supporters of the crypto ban in Russia. However, according to her boss Elvira Nabiullin in late 2019, she is investigating the possibility of publishing a digital ruble.