October 1, 2022

Bitcoin cannot be used to purchase goods and services in the Russian Federation

Bitcoin cannot be used to purchase goods and services in the Russian Federation

Russian authorities are considering banning the use of bitcoin and other cryptocurrencies as payment instruments.

As the newspaper Izvestia clarifies, referring toits sources, the Bank of Russia, together with Rosfinmonitoring, is preparing an appropriate document. In particular, Bitcoin cannot be used to pay for goods and services.

Regulatory and Financial Intelligence Representativeshave not yet confirmed the information received. However, the Central Bank emphasized that they are preparing a mechanism to counter the criminal use of cryptocurrencies. The position of the Central Bank was supported by the Ministry of Finance.

It is still unknown how the authorities planPunish individuals using BTC as a payment instrument. According to some sources, officials are even ready to introduce criminal penalties for up to eight years.

Currently, the use of cryptocurrencies in Russia when paying for goods and services is not allowed, but it is also not prohibited, since there is no regulatory legislation.

It is known that some online storesaccept digital assets as payment for their goods. In addition, many Russian freelancers working in the media and IT industry get paid in cryptocurrency.

Bitcoin is currently prohibited.in Indonesia, Ecuador, Bolivia, Iceland, Bangladesh and Taiwan. The People's Bank of China has banned financial institutions from processing transactions with BTC, but citizens can use digital currencies for personal payments.

Note that the Russian authorities do not have timeAdopt a law on the cryptosphere before the end of this year. The State Duma recently stated that deputies needed extra time to study all the risks of legalizing digital assets.

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