A law has been submitted to the State Duma, the lower house of the Russian parliament, banning payments with cryptocurrencies. The authors of the bill want to instruct crypto platforms to prevent transactions that can facilitate payments in digital assets.
The bill on the ban on the use of cryptocurrency for settlements was submitted to the State Duma
Russian lawmakers will consider a new bill introducing a ban on the use of digital financial assets (a legal term that currently covers cryptocurrencies) and utilitarian digital rights or tokens as a means of payment in Russia. The document was submitted to the State Duma by Anatoly Aksakov, Chairman of the Committee on Financial Markets, Forklog reports.
According to the legislature portalFollowing the committee’s approval of the bill, members of the lower house are expected to vote on the law in the first reading in mid-June. If adopted by deputies, the law will directly ban cryptocurrency payments within the Russian Federation against the backdrop of proposals to allow them in foreign trade transactions.
The authors of the bill also emphasize that the only legal tender in the country is the Russian ruble. In an explanatory note, they insist that the ban will eliminate the risk of digital assets being used as “money surrogates.” They plan to oblige issuers of coins and tokens, as well as operators of exchange and investment platforms, to refuse to process transactions related to crypto payments.
By law, such persons are classified as subjects of the national payment system of Russia. This means that they will have to register with the Central Bank of Russia. The Monetary Authority has been a vocal opponent of the legalization of crypto-currency transactions, in particular payments, often citing threats to the country’s financial stability, although it has recently softened its position on the possible use of crypto-currency for international payments amid Western sanctions.
The Moscow authorities are now working on the adoption of comprehensive rules for the country’s crypto space. Currently, the market is only partially regulated by the Digital Financial Assets Law, which was passed in 2020 and came into force last January.
The adoption of the new law “On Digital Currency” is delayed due to ongoing discussions on some aspects and numerous corrections to the draft, which was originally presented to the government by the Ministry of Finance in February. Last month, Russian deputies supported in the first reading the amendments regarding the taxation of transactions with cryptocurrency.
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Credit : news.bitcoin.com