Russia is reportedly set to implement a comprehensive ban on cryptocurrencies in September, according to Anatoly Aksakov, the chairman of the State Duma Committee on the Financial Market. The ban will prohibit the “organization of cryptocurrency circulation” in the country, while allowing for the use of digital rubles. Aksakov explained that the ban is necessary because cryptocurrencies are currently acting as a quasi-currency, replacing the Russian ruble. However, he emphasized that only the ruble can fulfill the role of a monetary unit, which is why the decision to ban cryptocurrencies was made. The ban is expected to come into effect on September 1st.
This news comes as Russia has been testing a central bank digital currency (CBDC). Russian President Vladimir Putin approved the launch of a pilot program for a digital ruble last year, and Olga Skorobogatova, the first deputy chairman of the Bank of Russia, stated that widespread adoption of the CBDC could occur by 2025. Skorobogatova also revealed that the Bank of Russia had already processed around 25,000 digital ruble transactions.
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