Bank of Russia to allow digital currency investment, but only via foreign firms

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Russia has been giving mixed messages regarding digital currencies almost every other day, going from banning them one day to legalizing them the next. The latest from the Bank of Russia is that locals can invest in digital currencies, but only if they use foreign firms to do it.

Deputy Governor Vladimir Chistyukhin said the bank will not bar investors from getting into digital currencies, contradicting his superior who said recently that the central bank was seeking to ban digital currencies altogether.

“Russian citizens and businesses have the right to acquire and hold cryptocurrency, but not through the domestic infrastructure or intermediaries,” Chistyukhin stated.

As reported by state-owned media outlet TASS, the deputy governor said there’s a long way to go before digital currency regulation is rolled out in the country. He said that the central bank is already working on a “more precise definition” of digital currencies and policies governing how they circulate.

Chistyukhin also referred to the central bank’s efforts in Bitcoin regulation through writing a report that details what policies it believes parliament should put in place for the sector. Governor Elvira Nabiullina also referred to this report recently, claiming that it would be a big step forward in digital currency regulation.

 “I think that we will soon publish a report on cryptocurrencies. This report will contain our approaches related to what place we see for cryptocurrency in the Russian financial market,” the deputy governor revealed.

However, despite reassuring Russians that they can purchase Bitcoin via foreign-based channels, he added, “I’ll give a hint—we do not see a place for cryptocurrency in the Russian financial market.”

Such is the state of Bitcoin regulation in the country. Different legislators and high-ranking officials seem to be giving varying messages every week. Anatoly Aksakov, the head of the Financial Markets Committee in parliament, recently claimed that the government has not decided which way to go for digital currency regulations. On the same day, the Bank of Russia said it was working with stakeholders and legislators to implement a total ban.

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