RATE Group | Russia Is About to Drop the Crypto ‘Iron Curtain,’ Industry Warns
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Russia Is About to Drop the Crypto ‘Iron Curtain,’ Industry Warns

29 May Russia Is About to Drop the Crypto ‘Iron Curtain,’ Industry Warns

Posted at 21:13h in Cryptocurrency News by

Russia’s crypto industry is pushing back against a set of bills that would make it more difficult to operate in the Eurasian country.

Russian lawmakers introduced a set of draft bills regulating digital assets earlier this month, which would effectively ban any transactions using crypto within the country’s borders. In response, the crypto community has filed a number of protest letters.

If the proposed regulation is passed, the Russian economy could lose up to $10 billion in taxes annually, which the crypto industry would otherwise be able to pay if it could operate legally, says a letter by crypto lobbying group RAKIB to the bills’ sponsor, Anatoly Aksakov. A copy of the letter was also sent to Maxim Reshetnikov, head of the Ministry of Economic Development. 

Aksakov, a member of the Russian parliament (the State Duma), previously told news agency Interfax that Russians would be able to purchase cryptocurrencies on exchanges registered abroad but not in Russia, and they…

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