December 9, 2022

In Russia, it will be banned to use cryptocurrency as a means of payment

At the moment, there is no punishment in the country for receiving fees or paying for goods and services digitally money. The idea to introduce a ban was supported by the Ministry of Finance and the Central Bank.

Bank of Russia and Rosfinmonitoring are developinga ban on the use of cryptocurrencies to pay for goods and services, Izvestia writes citing a source. The publication claims that at the moment the penalties for violations of this rule are unknown, but perhaps criminal liability will be introduced with a term of five to eight years.

Information on the preparation of the initiative was not confirmedin the Central Bank, but noted that they were ready to support her. The Ministry of Finance takes the same position. At the moment, cryptocurrencies are not regulated in the country. In some online stores you can pay with digital money, and freelancers often get paid in them.

According to the managing partner of the legalThe company "EBR" Alexander Zhuravlev, a ban on the use of cryptocurrency as a means of payment - the expected step from the Central Bank. The specialist emphasized that at the moment, an extremely important task is to determine the legal nature of cryptocurrency, and the final understanding of the status of digital money will be after the adoption of the draft law “On CFA”.

Taxology Partner, Deputy Chairman of the Legal CommissionTo the digital economy of the Moscow branch of the AYR, Mikhail Uspensky added that the ban would negatively affect entrepreneurs who are willing to cooperate with foreign partners and sell them their goods and services in exchange for cryptocurrency. Also, the ban will essentially transfer crypto enthusiasts from Russia to the category of illegal immigrants, because the latest version of the document “On CFA” does not care about regulating the exchange of classic payment tokens, the expert concluded.

RSPP previously addressed the President of RussiaVladimir Putin asking him to expedite the adoption of cryptocurrency laws. The organization explained that regulation of this area is necessary in order to be able to issue digital financial assets.