A new bill introduced by the State Duma could ban any form of cryptocurrency payments in Russia. Russia’s New Crypto Bill Could Ban Bitcoin Payments.
Anatoly Aksakov has introduced the new legislation. According to the head of Russia’s lower house of parliament, any form of “digital financial assets” will be banned. It is a means of payment within the country.
“The ruble is the official monetary unit (currency) of the Russian Federation. The removed article establishes a prohibition against the introduction. Introduction of other monetary units or monetary substitutes on the territory of the Russian Federation,” Aksakov wrote.
For approval, the bill has to go through three stages of consideration in the State Duma. It is sent to the Federation Council and then to the office of President Vladimir Putin for final approval.
Last year, Putin said that he believes cryptocurrency has a right to exist and be used for payment.
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The country’s Ministry of Finance believes in imposing regulations on the sector. The central bank favors a total ban on them within the country. Although, it does not oppose their use in international transactions.
Earlier this month, Benzinga reported Ksenia Yudaeva. Ksenia Yudaeva, the first deputy governor of Russia’s central bank, said she has no objection to the country’s citizens using cryptocurrencies for payments outside the nation.
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Russians have been active Bitcoin traders BTC/USD, Ethereum ETH/USD, Dogecoin DOGE/USD, and other cryptocurrencies. A recent report found that 2% of Russia’s total electricity goes to cryptocurrency mining.
Price Action: According to Data from Benzinga Pro, Bitcoin was trading at $30,262, down 2.73% in the last 24 hours.
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