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Russia government authorities to not accept cryptocurrency as a form of payment

The Central Bank of Russia, the Ministry of Finance, and the government have all agreed to focus on “how to regulate Russia’s crypto market”.

According to Alexander Shokhin, the chairman of the Russian Union of Industrialists and Entrepreneurs(RSPP), “decentralised digital currencies will not be accepted as a form of payment”.

Last month, the Bank of Russia urged a broad ban on crypto-related activities such as payments, exchange, and mining. Other institutions, including the finance ministry, were opposed to the hardline policy proposal, and they came up with their own concept of how cryptocurrencies should be addressed. The federal government, siding with the treasury, adopted a plan that favours regulation over prohibition.

Vladimir Potanin, co-chairman of the RSPP’s Coordinating Council and president of Nornickel, stated that the regulatory authorities are still working out the details of Russia’s crypto framework, but he highlighted that all of them support a prohibition on the use of cryptocurrency as legal tender.

Based on the finance ministry’s proposals, a new law introducing comprehensive rules for the circulation of cryptocurrencies in Russia is expected by Feb. 18. Anatoly Aksakov, head of the Financial Market Committee, announced earlier this week that a draft was already on his desk. Deputies plan to vote on it at the Duma’s spring session.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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