January 27, 2022

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

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

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

Federal Security Service (FSB) proposedIntroduce drastic changes to the law on digital financial assets under discussion. According to the agency, the right to conduct cryptocurrency transactions and exchange them for fiat funds should be obtained only by “specialized operators” controlled by the Central Bank and foreign exchange control authorities.

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”.

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