An official from Russia has stated that the country has no plans to ban the use of cryptocurrencies, stressing the importance of accurate reporting over sensational headlines.
Anton Gorelkin, a Russian lawmaker and deputy chairman of the State Duma Committee on Information Policy, Information Technologies, and Communications, clarified the country’s position on cryptocurrency usage. In a post on Telegram, Gorelkin, who is also a co-author of a bill aimed at prohibiting cryptocurrency exchanges in Russia, explained that the use of cryptocurrencies itself will not be outlawed. He criticized news outlets for sensationalizing headlines without verifying the facts.
Gorelkin did not rule out the possibility of removing this restriction in the future, mentioning that individuals are still able to use foreign cryptocurrency exchanges and OTC services as they have done before. He justified the bill by referring to “geopolitical realities,” highlighting the risk of businesses being exposed to Western sanctions if they operate in the cryptocurrency exchange sector in Russia.
The impact of the law on the numerous OTC cryptocurrency services in Moscow remains uncertain. According to a report by Bloomberg, the Federation Tower East in Moscow has become a hub for “more than a dozen companies since 2018 that convert cryptocurrencies to cash, based on the addresses listed on company websites.”
In other news, Russia is testing a new system for tracing links between cryptocurrencies and fiat currency.