Bitcoin has the potential to undermine the central bank’s control over the money supply. China, for example, took some of the most aggressive measures against cryptocurrencies in 2021. In contrast, a country like El Salvador has accepted Bitcoin as legal tender.
A big difference in the crypto narratives of the two countries. So it will be interesting to see where the rest of the world ends up. Maybe the media? Well, this can certainly be the case in Russia.
The Russian Federation will not ban cryptocurrency trading like the Chinese model. In a recent statement, Deputy Finance Minister Alexei Moiseev said:
“Now I can only say that our settlements are prohibited on the territory of the Russian Federation. At the same time, citizens can buy and use wallets outside of the Russian Federation. So I think it will stay that way for now. There are still no plans to change anything.
This means that although cryptocurrency payments are currently prohibited in the country, Russians can trade cryptocurrencies.
In fact, according to a local news agency, a Russian citizen can have a wallet outside the Russian Federation, but doing business within the Russian Federation is prohibited.
“Sure, a Russian citizen outside the Russian Federation may have an open wallet, but it is transactions within the Russian Federation that I think will be prohibited for the foreseeable future, as they are very financial.” Sovereignty. «
The timing of this news is really interesting. Anatoly Aksakov, chairman of the Financial Markets Committee of the Russian State Duma, also recently shared his opinion. Consequently, Russia requires specific laws to protect an unprofessional investor from reckless investments in digital currencies.
Therefore, it is not surprising that Dmitry Peskov said: “Russia is obviously not ready for such measures.” Russia is also not ready to recognize Bitcoin as legal tender.
However, Russia’s current position is in stark contrast to China’s. Chinese financial and regulatory institutions have repeatedly issued anti-crypto statements and guidelines. In the past, miners were forced to flee to various provinces if their operations were resumed.
India is also an interesting example. Although the Indian authorities do not deactivate all cryptocurrencies, there are still no transparent regulations on cryptocurrencies. Instead, the country’s Treasury Department would form a committee to review the crypto tax structure here.