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Bill to ban digital assets payment in Russia introduced in parliament

Russian legislators have been taking steps completely institutionalize crypto as a properly taxable investment asset and a possible tool for foreign trade in Russia.

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Russian legislators have been taking steps completely institutionalize crypto as a properly taxable investment asset and a possible tool for foreign trade in Russia.

The head of the Financial Markets Committee of the Russian parliament’s lower chamber Anatoliy Aksakov introduced a bill that would ban the use of digital financial actives to pay for any kind of goods or services.

The ruble is the official monetary unit of the Russian Federation. The said article sets a prohibition against the introduction of other monetary units or monetary substitutes on the territory of the Russian Federation.

The bill refers to already existing legislation, which doesn’t prohibit explicitly using DFAs as a payment method, although de-facto such operations still aren’t considered legal in the country. The new document would make this ban official and oblige DFA exchange managers to withhold any deals implicating the usage of crypto as a monetary surrogate.

The bill also introduced the concept of an “electronic platform which is loosely defined as a financial platform, investment platform or information system in which digital financial assets are issued. Electronic platforms would be recognized as the subjects of the national payment system and obliged to submit to the central bank’s registry.

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