15th feb, 2022
The Russian government is keen on integrating cryptocurrencies within its financial system with a scheduled plan of releasing a draft law ahead this week on February 18.
However, the Bank of Russia holds a contrary stand and warns that the use of digital assets could flourish illegal activities.
Earlier this month, Russian Finance Minister Anton Siluanov said that legalizing crypto would help eliminate grey market crypto trading and give the government the freedom to monitor the industry.
The Russian government’s decision to legalize crypto has a political as well as a geopolitical angle to it. A legal crypto market would prove to be a gateway for Russia to avoid global sanctions.
Just as the Bank of Russia is concerned about the legality of crypto, the Indian central bank RBI has voiced a similar opinion. The country’s Finance Ministry is still having discussions about the legality of the asset class.