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Monday, October 18, 2021

Bitcoin (BTC) and other cryptocurrencies: Is Russia planning to follow China’s footsteps

Is Russia planning to take the same direction as China and ban the use of digital assets? It seems so! In any case, it is no longer too far. Indeed, the deputies of the Duma are about to initiate discussions on a regulation in order to prevent private investors in cryptocurrencies to use these assets.

The danger of digital assets

Unqualified investors. It is by this term that the deputies of the Duma designated people who wish to invest in cryptocurrencies without having the required authorities. According to the local news channel Interfax , they plan to tighten up the rules a bit regarding their activity. The decision was confirmed by Anatoly Aksakov , head of the Duma committee on the financial market. This was done during the International Conference on the Protection of the Rights of Consumers of Financial Services .

The Duma thus joins the long list of regulators around the world who are still skeptical of cryptocurrencies . To justify itself, it highlights the fact that digital assets are highly volatile and that innovation is constant in the field. In view of these elements, the Duma considers that this space is not suitable for average investors.

“Digital assets are a topic that commands our full attention , and we will be looking at how to best protect our citizens when they invest in currencies and digital assets, because it is a new tool, and it is enough difficult for a non-accredited investor “, argued Mr. Aksakov . He also added that lawmakers will strive to “prescribe in law the standards that will protect an unqualified investor from reckless investments in digital currencies.”

Nothing will stop them

In recent years, “unqualified investors” have been among the most prominent in the cryptocurrency field. Over time, they have become essential and indisputable pillars to support the cryptocurrency ecosystem.

Even though Russia gave cryptocurrency a positive sign in 2020, it still remains strongly opposed to the use of Bitcoin (BTC). Professionals have warned about the risks related to the ban on investment in cryptocurrencies in the country. According to them, this decision could lead to new breaches in the country’s economic system. Private donors may be looking for ways to open up new perspectives, which will increase their chances of getting ripped off. Indeed, according to them, as in other countries, investors will inevitably find ways to circumvent the new measures taken by the authorities.

“Cryptocurrencies are a certain symbol of freedom, of financial freedom , it is a signal to all regulators that it is not necessary to put people up to the wall. People will always find something that will help them get around the bans, ”said Anatoly Gavrilenko , founder of Alor Group.

Russia is reportedly considering the possibility of restricting access to digital assets to investors who lack knowledge and skills in the field. The purpose of this provision is to prevent the increase in cases of scams. That said, this restrictive measure may not bear fruit, as investors may find new techniques to circumvent it.

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