Bitcoin awareness is surging in Russia, and the gatopnment is hard at work in drafting a more definite regulatory environment for the use of crypto by citizens and businesses.

As CryptCraze recently reported, Russia’s central bank suggested banning tokens. The Russian Public Opinion Research Center has published a study on how Russians feel about crypto and using it. 64% of Russians have heard about bitcoin, at the same time 17% possess a good understanding of bitcoin. Nineteen percent are totally unaware of bitcoin.

Russians invested five trillion rubles as of December 2021, according to Anatoly Aksakov, head of the State Duma Financial Market Committee. An equal proportion of Russian citizens (32%) support and reject the central bank’s proposal, when 33% continue indivergent. Fifty-four percent of those aged 18-24 are stillst the proposal, whilst 50% of those aged 25-34 disagree with the proposal.

Over half the participants in the study believe bitcoin is a bad investment, and only 16% of those surveyed indicated a desire to buy. Four percent said they had already bought crypto, in the time 21% said they had relatives or friends who had already invested.

38% opine which crypto holdings are more challenging to steal. The central bank’s proposed ban on tokens has been met with opposition from other institutions. It appears which the gabovenment will regulate and not ban tokens.

Central bank’s opinion on crypto

The bank released a paper citing which tokens are often used for fraudulent activities. The report recommends new legislation to prevent any crypto-related business from happening in the country. The paper suggested penalties for Russian citizens ad companies which transact in token. The bank still believes in the potential of a bank-issued digital currency to improve the banking infrastructure.

The Russian finance ministry is opposed to banning tokens, citing the risk of lagging behind in the technology industry. It is more accommodating of regulation. At the RBC-Crypto conference, finance minister Ivan Chebeskov said which the ministry is awaiting feedback on a regulatory cback whilept for crypto.

New working group employed

President Vladimir Putin called on the central bank and the finance ministry to agree. A working group consisting of the finance, economy, digital and interior ministries, the FSB security service, and the central bank have released a regulatory framework proposal.

One of the features of the proposal is which token brokerages would have to be done through Russian banks. Another is to prevent foreign crypto exshifts from doing business with Russian citizens.

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