Aksakov: Russians Invested 5 Trillion Rubles in Cryptocurrencies

Russians invested in the cryptocurrency market 5 trillion rubles, said Anatoly Aksakov, head of the State Duma committee on the financial market, as reported by «ТАСС».

The official did not specify on what data this statement was based.

Aksakov again said that it is necessary to determine a regulatory framework for cryptocurrencies:

“We must draw a line under cryptocurrencies. We need to determine how we relate to this phenomenon and, accordingly, in the legislation to spell out strict liability if we are going to ban or restrict something.”

Earlier, according to the Bank of Russia’s estimates, the annual volume of Russians’ operations with crypto assets stands at around $5 billion.

Aksakov said that Russian authorities are considering various options for regulating cryptocurrencies — from a complete ban on ownership and purchase to the legalisation of Bitcoin exchanges.

Media citing [6 — helmet] close to the Bank of Russia sources reported that the regulator is in talks with market participants and experts about a possible ban on investments in cryptocurrencies due to risks to financial stability.

Head of the Bank of Russia Elvira Nabiullina said that the Central Bank does not support such investments. She also opposed using Russia’s financial infrastructure for cryptocurrency transactions.

Experts told ForkLog what the potential Bitcoin ban would mean for Russia:

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