Back in January, Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, stated that:

Bitcoin is not backed by anything as a cryptocurrency. This is a private currency, and its value is based on the trust of the related data system. In this context, Bitcoin provides a basis for a bubble on the crypto market, and I think this bubble should burst sooner or later.

They passed the law to legalize crypto, but not to use it as a payment method. This just means that Russians would be allowed to invest and trade like any normal component of asset class, but will not be able to buy or sell goods and services in exchange for cryptocurrency.

Interfax, an independent Russian news agency, reported that they are on track to adopt new legislation to safeguard individual traders from the downside risk associated with investing in cryptocurrency.

Related: Bank of Russia prohibits country’s stock exchanges for offering crypto linked assets

To a certain end, he claimed that MPs in the state legislative assembly are apparently contemplating new legislation to curb cryptocurrency investments by non-accredited investors.

The official spoke at a Bank of Russia-sponsored event about monetary financial regulation, “We certainly need to provide specific legislation to protect a non-professional investor from ill-considered investments in digital currencies.” He added, “Digital currencies are subject to our enhanced focus, and we will look to provide maximum protection for our citizens who invest in digital assets because it is a new instrument, and it is quite difficult for an unskilled investor.”

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