September 26, 2022

State Duma of the Russian Federation: to prohibit the use of cryptocurrencies is not possible

State Duma of the Russian Federation: to prohibit the use of cryptocurrencies is not possible

It is legally possible to prohibit the use of cryptocurrencies as a payment for services and goods, but in fact achieving the ban will be practically impossible. This was stated by Chairman of the State Duma Committee on the financial market Anatoly Aksakov, reports TASS.

With this statement, the deputy of the lower house of parliament commented on the initiative of the Bank of Russia to ban the use of cryptocurrencies when paying for goods and services.

The parliamentarian said:

“Money surrogates are banned in Russia. While there is no clear definition that cryptocurrency is a money surrogate. The ruble is the only means of payment, but currencies are used. These are all issues that require a legal definition in order for law enforcement officers to work more calmly with this. Is it a money substitute? Or is it an electronic currency? ”

He also emphasized that it is precisely the enforcement issues of various legislative initiatives that impede the adoption of clear regulation of cryptocurrencies:

“In the CFA Bill [Digital Financialassets] these tools have already been banned. At the same time, other laws were being prepared aimed at introducing responsibility for organizing such trade on the territory of the Russian Federation. ”

Aksakov believes that if the ban comes into force,then he can stop only conscientious citizens. At the same time, the use of digital currencies in the domestic market in certain volumes will still remain.

The deputy also drew attention to the fact that in our country there is still no clear definition of the concept of cryptocurrency, and only the Russian ruble can act as a payment instrument.

Note that the same State Duma deputy recently told reporters about the impossibility of adopting a law on the cryptosphere before the end of this year.