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Russia’s Latest Bill Proposal Could Ban Crypto as a Payment Method

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The head of the lower house of the Russian parliament (State Duma), Anatoly Aksakov, presented a bill on cryptocurrencies and their use within the borders of Russia. If the bill is approved, “digital financial assets” (DFA) will not be accepted as a means of payment for any kind of products or services within the country.

Scrap Crypto, ruble – Russian currency

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The Russian authorities are strongly divided on how to approach the local cryptocurrency industry. central bank of the country insists on a complete ban on all transactions with digital assets, while the Ministry of Finance believes introducing rules is the best idea.

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First, the lower house of the Federal Assembly of Russia – the State Duma – general vision of a central bank. In 2020, lawmakers considered banning the use of digital assets and insisted that those who continue to interact with the sector be fined and even jailed.

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In March of this year, the authorities abandoned such plans, arguing that developing an appropriate regulatory framework makes more sense than imposing a complete ban on the asset class.

Earlier this week, the head of the State Duma, Anatoly Aksakov, once again raised this topic. sentence a bill that describes digital currencies as not applicable as a payment method. He recalled that the national currency of Russia – the ruble – remains the only official currency of the country, and amendments are not needed:


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“The ruble is the official monetary unit (currency) of the Russian Federation. This article establishes a ban on the introduction on the territory of the Russian Federation of other monetary units or monetary surrogates.

Anatoly Aksakov, Source: RUS.team

According to the existing legislation, using DFA as a payment method is illegal, but not completely prohibited. However, if approved by the Federation Council and President Vladimir Putin, the new bill would make the embargo official.

In addition, the proposal requires that all financial, investment and information platforms that interact with digital assets be treated as “electronic” platforms. They must be approved by the central bank to operate legally. The financial institution will also monitor their activities and enter them into a special register.

View of the Central Bank of Russia

A few weeks ago, a senior Bank of Russia official, Ksenia Yudaeva, said the institution was not entirely opposed to using the asset class, arguing that it could facilitate international trade transactions. However, the bank believes that the general public should not deal with cryptocurrencies as they pose financial stability risks:

“We continue to believe that the active use of cryptocurrencies within the country, especially within the Russian financial infrastructure, creates great risks for citizens and users. We believe that in our country these risks can be quite large.”

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Credit : cryptopotato.com

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