Russian citizens and businesses already own cryptocurrencies, which is why a complete crypto ban would be counterproductive, according to a top executive of Rosfinmonitoring, Russia’s financial intelligence agency. At the same time, the regulator supports prohibiting payments with digital coins and their advertising.
Rosfinmonitoring Backs Government’s Strategy to Strictly Regulate Cryptocurrencies in Russia
The Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring) supports the adoption of strict rules for cryptocurrencies, as per the regulatory concept approved by the government, the agency’s Deputy Director Herman Neglyad said in an interview with Izvestia. However, the official also indicated to the Russian daily that a full ban is unlikely, elaborating:
We understand that citizens and legal entities already own digital currency and in such conditions, it would be counterproductive to introduce a complete ban on the circulation of cryptocurrencies.
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