Duma outlines first meeting of working group on cryptocurrency regulation

This week saw the first meeting of the working group tasked with drafting regulation of cryptocurrency circulation in Russia. This was announced by the deputy speaker of the State Duma and head of the group, Aleksey Gordeyev, according to «Prime».

The meeting, held on Tuesday, 21 December, included representatives from the Central Bank and various ministries and agencies.

According to Gordeyev, the first task is to develop a definitional framework. This will be handled by an expert council attached to the working group.

The next stage of discussion is scheduled for February 2022, Gordeyev noted.

Earlier, Anatoly Aksakov, head of the State Duma Committee on the Financial Market, said that Russian authorities discuss a range of options for regulating the Bitcoin industry — from a complete ban on ownership and purchase of crypto assets to the legalisation of bitcoin exchanges.

Media, citing sources close to the Central Bank, reported that the regulator intends to ban investments in cryptocurrencies due to risks to financial stability.

The Bank of Russia pledged to lay out its position in a separate report, but stressed that they do not see a place for cryptocurrencies in the Russian financial market.

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