Anatoly Aksakov, the head of the State Duma Committee on the Financial Market in Russia, has announced a complete prohibition on the widespread use of cryptocurrency assets. The goal of this decision is to strengthen the dominance of the Ruble currency and regulate the crypto industry.

According to Aksakov, digital ruble and digital financial assets will be authorized in Russia. Other cryptocurrencies are prohibited because they can replace the official currency, the ruble. The Russian ruble is the only official monetary unit, so the use of other cryptocurrencies is restricted.

The proposed legislation includes exceptions for individuals involved in mining cryptocurrency and for projects sponsored by the Central Bank. Based on information from Statista, Russian miners contribute approximately $2.60 billion to the liquidity of foreign trade settlements.

The nation has been engaged in a heated discussion following the development. Artem Kiryanov, who serves as the Deputy Chairman of the State Duma Committee on Economic Policy, emphasized the significance of implementing appropriate regulations.

According to Kiryanov, the digital code should specify the regulation of cryptocurrency, including a clear explanation of the conceptual framework and commonly used legal procedures for enforcement.