Bank of Russia to allow crypto investment via foreign firms: Report

Russian citizens and businesses will reportedly have the right to acquire Bitcoin, but not via local infrastructure. Read the full article by Helen Partz “Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.”

There is a lot going around the world when it comes to cryptocurrency regulations as the technology continues to gain traction amongst investors.

Last week Bank of Russia Governor, Elvira Nabiullina said that they were looking to prevent local financial systems from using crypto. They also banned mutual funds from offering cryptocurrencies as a part of their products. Now another executive from the Russian Central Bank is saying that they will remain legal. Investors in the country continue to receive mixed signals from leadership on how they are going to handle this going forward.

For now, they will only be able to invest in Bitcoin through foreign companies saying “Russian citizens and businesses have the right to acquire and hold cryptocurrency, but not through the domestic infrastructure or intermediaries,” Chistyukhin reportedly noted.

Russia does not have an exchange from the country that is not currently operating illegally. Moscow City reported 50 cryptocurrency exchanges that were involved in illegal activities. Russia is also the second biggest country in terms of traffic on Binance. Binance is the most popular cryptocurrency exchange globally but they have also had their issues with compliance regulations and shut downs by countries as well.

It is not easy to figure out how to regulate something so new that a lot of older people in government do not understand yet. Once rules are clear it will make it so much easier for more people and countries to get involved and continue to evolve the technology.