Draft Law Presented Against Crypto Exchanges in Russia After Scandal!

A draft law has been submitted to the Russian State Duma to ban cryptocurrency exchanges.

According to local sources, the bill would ban cryptocurrency exchanges and their advertising, but would not ban cryptocurrency transactions. It also does not envisage a ban on cryptocurrency mining companies registered in the country.

Cryptocurrency exchanges in Russia came to the fore with the Beribit scandal. Customers who had more than 4 million dollars left on the exchange stormed the exchange’s office to get their money back.

Some politicians argue that cryptocurrencies are being used to circumvent sanctions and that this bill would be harmful to Russia.

The Deputy Chairman of the State Duma Committee on Economic Policy said that Russian defense industry companies use cryptocurrencies in their trade agreements abroad and that the bill would be against the country’s interests.

The Central Bank of Russia has previously stated that it is against the use of cryptocurrencies in payment transactions in the country.