Deputies of the Russian State Duma are well on their way to starting discussions on a regulation that will prevent private digital currency investors from interacting with digital assets from now on. According to the local news channel, Interfax, the move to limit what they called "unskilled investors" was confirmed by Anatoly Aksakov, head of the Duma committee on financial markets, during the international conference on the protection of the rights of consumers of services. financial.
Joining the long list of lawmakers from around the world, the Russian State Duma is particularly skeptical about the suitability of digital currencies for unskilled investors. With the technicalities behind it, as it borders on the volatility and fast pace of innovation in space, the State Duma believes that space is right for more than the average investor.
"Digital assets are a topic of our great attention and here we will see how to best protect our citizens when they invest in digital currencies and digital assets, because there is a new tool here and it is quite difficult for an unskilled investor", he Aksakov said, adding that lawmakers will work to "prescribe rules in legislation that will protect an unqualified investor in reckless investments in digital currencies."
Staggering growth for retail investors
Alleged unskilled investors make up the retail investor class and, over time, have become an indispensable pillar supporting the cryptocurrency ecosystem. Despite giving cryptocurrencies a positive nod in 2020, Russia has taken the position of an anti-Bitcoin region this year. Many have argued that recent proposals to ban retail investors from investing in digital currencies in Russia could create a dent that may have been made to look for ways to expand to even more supporters in the near future.
Industry veterans in Russia believe that, as in other countries where some form of cryptocurrency bans exist, investors have often devised a way around the law, which could also be the case in the Russian country.
“Cryptocurrency is a certain symbol of freedom, financial freedom, it is a signal to all regulators that it is not necessary to put people in a corner. People will always find something that will force them to bypass the bans, ”said Anatoly Gavrilenko, founder of Alor Group.
Although the bill has not yet been converted into law, the Central Bank has indicated that, if passed, it would usher in a preventive measure that will protect investors across the board.
Obviously, from our point of view, we try once again to limit people's freedom, keeping them in the noose of the banks. However, as has been amply demonstrated in the past, these silent revolutions sooner or later always find a chance to emerge. A ban will not prevent Russian citizens from buy bitcoin and other cryptocurrencies, to invest how they want their savings.
