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The Moscow Kremlin Bans Crypto Payments
With the ratification of a bill, the Duma bans crypto payments and establishes a register of operators authorized to work in the sector.
Kabir V.
10:17 8th Jul, 2022
Adoption

The Duma, with the approval of a controversial bill, pending a framework law that regulates cryptocurrencies in all their aspects and forms, prohibits payment in digital currencies and the use of all those tools that make it possible even only partially.

For digital currencies we mean

“A set of electronic data contained in an information system that can be accepted as a means of payment which is not the monetary unit of the Russian Federation, or as an investment”.

The measure, which is temporary, fills a legal gap concerning the use and understanding of cryptocurrencies in all their forms and variants and puts a serious halt to the development of the digital asset in Russian territory, blocking the operations already underway. today.

The tug-of-war between the Ministry of Finance and the Russian Central Bank, which sees the former tend to encourage the spread and use of crypto, while the latter for their ban momentarily brings the CBR ahead.

The restrictive measure of these currencies is not the only one contemplated in the bill. Indeed, stockbrokers have been forced to refuse transactions involving the use of these assets as a means of payment.

The Russian Central Bank (CBR) will hold a special register containing DFA operators who are subjects of the Russian national payment system.

Qualified investors will be able to trade freely for amounts and instruments in cryptocurrencies. On the other hand, those who do not obtain the authorization will be able to operate with stringent limitations that place the transaction limit at 7,000 euros (600,000 rubles).

Digital financial assets (FDFA) have been temporarily banned by the Russian Federation and the lower house of parliament has ratified the measure despite the fact that a broader and more specific framework law is being studied that will surpass the current one as soon as it is ready.

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