Chairman of the Russian State Duma Financial Market Committee: Cryptocurrencies in Russia will never become currency, only an investment tool

PANews December 17 News, according to DL News, Anatoly Aksakov, Chairman of the Russian State Duma Committee on Financial Markets, stated that legislators support the central bank’s opposition to the use of cryptocurrencies for payments between individuals and companies. Aksakov said, “We must understand that cryptocurrencies will never become a currency in Russia; cryptocurrencies can only be used as an investment tool. When payments are needed, only rubles should be used.”

At the time of Aksakov’s remarks, despite the central bank’s resistance, the government is preparing to regulate the industry given the rising adoption of cryptocurrencies within Russia. The country’s central bank has repeatedly called for a complete ban on cryptocurrencies, while the Ministry of Finance favors regulating exchanges and taxing traders’ profits. Both sides are unwilling to compromise on this issue, proposing competing bills to ban or legalize cryptocurrency-related industries. Ultimately, these bills failed, and after a four-year deadlock, they were shelved in the National Duma Committee.