FSB and Central Bank of Russia propose to prohibit paying with cryptocurrency

Russian intelligence services insist on a complete ban on the issuance and use of cryptocurrency as a means of payment.facilities.

The Federal Security Service (FSB) proposedmake tough changes to the discussed law “On Digital Financial Assets”. According to the department, only “specialized operators” controlled by the Central Bank and currency control authorities should receive the right to conduct cryptocurrency transactions and exchange them for fiat funds. 

Such operators must identifyowners of crypto assets, keep records of transactions and provide all information to regulatory authorities. For violation of the rules of cryptocurrency operations, the FSB proposes to introduce not only administrative, but also criminal liability.

According to media reports, the offer was completelysupported by the Central Bank of Russia, which has long advocated banning the circulation of crypto assets in the country. At a government meeting, it was decided to ban the issue and circulation of digital assets as a means of payment in the country. A letter with this decision was sent to the President of Russia to approve the position of regulators.

Last week, the Central Bank classified any transactions for the purchase or sale of cryptocurrencies as “suspicious money laundering transactions”.