In Brief:
- Russian State Duma committee Anatoly Aksakov, proposed a legal restriction on the investment in cryptocurrencies.
- The new legislation will try to maximally protect citizens when investing in digital currencies and digital assets
The head of the Russian State Duma Committee on the Financial market, Anatoly Aksakov proposed a legal restriction on investments of unqualified investors in crypto.
According to the Interfax report, Russia needs new legislation that will protect an investor from making risky investments in digital currencies.
Cryptocurrencies have risen in popularity in Russia among investors. More than 75% of Russia’s investors view cryptocurrencies like Bitcoin, Ether, and Litecoin as the top assets in their portfolio. However, amateur traders lose their money due to its high volatility and the robustness of the market.
According to Aksakov “Digital assets are the topic of our close attention, and here we will look at how to maximally protect our citizens when investing in digital currencies and digital assets because here is a new tool and it is quite difficult for unskilled investors.”
The cryptocurrency market has billions of dollars invested in it. Hence, Aksakov acknowledges that there is not only a great risk of the purchase of digital currency but also great profits.
This year in Sept, the Bank of Russia decided to slow down payments for crypto exchanges. The CBR is getting involved with Commercial banks to delay payment in the crypto exchange.
“Cryptocurrency is a certain symbol of freedom, financial freedom, it is a signal to all regulators that there is no need to bring people into a corner. People will always come up with something that will force them to bypass the bans,” said Anatoly Gavrilenko, founder of Alor Group.
The CBR of the Russian Federation issued an information letter in July. In which it suggests that the Russian exchange is not allowing trading instruments linked to cryptocurrencies.
