Bank of Russia allows public to make cryptocurrency investments by foreign companies

Shortly after Bank of Russia Russia President Elvira Nabiullina announced that the bank was planning to block the use of cryptocurrencies at local financial institutions, another bank director said. Russia, they are. not passing through local infrastructure.

Russia continues to send strong signals to the cryptocurrency market as the data shows the details of the country's future cryptocurrency policy.

Shortly after Bank of Russia Russia President Elvira Nabiullina announced that the bank was planning to block the use of cryptocurrencies in the financial sector, another bank executive said investing in cryptocurrencies would still be legal in Russia.

However, there are significant issues. According to a state report released by TASS on Monday, President Vladimir Chistyukhin said Russians can only invest in cryptocurrencies such as Bitcoin from foreign companies.

According to the report, Chistyukhin noted that "Russian citizens and businesses have the right to receive and hold cryptocurrencies, but not through nation-building or intermediaries."

The official called for the Russian government to make efforts to provide clear rules for the crypto industry and promised that city officials would decide the legality of the issue.

Chistyukhin noted that the Central Bank of Russia is currently preparing a statement outlining its outlook on the role of cryptocurrencies in the Russian financial system.

"A word of advice. We don't think cryptocurrencies have a place in the Russian financial market."

Earlier, Anatoly Aksakov, chairman of the Russian State Duma's finance committee, announced on Thursday that Russia will withdraw from any restrictions on cryptocurrencies or trading laws in 2022. According to a report released on Monday, Aksakov claimed the Russians had invested more than $ 67. billion dollars in cryptocurrencies like Bitcoin and called for immediate action.

Russia's plan to allow cryptocurrency investments only through foreign cryptocurrency exchanges is not surprising, as there is no local Russian cryptocurrency exchange in Russia.

According to Sergei Khitrov, founder of Blockchain Life, many Russian financial exchanges have left Russia or have continued to operate illegally. According to reports, some research suggests that around 50 cryptocurrency exchanges were involved in the crime in Moscow, the financial district of the Russian capital.

On the other hand, in Russia, international cryptocurrency exchange services such as Binance have grown in popularity. In terms of total traffic at Binance, Russia is the second country in terms of traffic.