Draft law prohibiting crypto payments submitted to the Russian parliament.
Legislation making it illegal to pay with cryptocurrencies has been filed with the State Duma, the lower house of Russia’s parliament. The sponsors of the bill want to task crypto platforms to prevent transactions that could facilitate payments with digital assets.Russian lawmakers will review a new bill imposing a ban on the use of digital financial assets, a legal term currently encompassing cryptocurrencies, and utilitarian digital rights, or tokens, as a means of payment in Russia.
The legislation classifies such entities as subjects of Russia’s national payment system. This means they will be required to register with the Central Bank of Russia. The monetary authority has been a strong opponent to the legalization of crypto-related operations, payments in particular, often citing threats to the country’s financial stability, although it recentlyon the possible use of cryptocurrency for international settlements amid Western sanctions.
The authorities in Moscow are now working to adopt comprehensive rules for the country’s crypto space. Currently, the market is only partially regulated by the law “On Digital Financial Assets,” which was approved in 2020 and went into force in January, last year.
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