Cryptocurrencies beyond Russian borders! – Just a week ago, Russia announced that it was on the way to authorizing cryptocurrency payments in foreign trade and outside Russian borders. However, a draft law has just been presented in order to specify that these means of payment should not be allowed within the borders of Russia.
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The bill to ban cryptocurrency payments within Russia
On June 7, 2022, the head of the Financial Markets Committee of the lower house of the Russian parliament (the State Duma), Anatoly Aksakov presented a bill which provides for the prohibition of the use of “digital financial assets” (DFA) as a means of payment for any goods or services on the Russian territory.
Therefore, this bill requires DFA exchange managers to suspend any transaction involving the use of cryptocurrencies as a monetary substitute. Indeed, the bill specifies:
“The ruble is the official monetary unit of the Russian Federation. The aforementioned article prohibits the introduction of other currency units or currency substitutes into the territory of the Russian Federation. »
Furthermore, another measure proposed by this bill is to treat all financial, investment and information platforms that interact with the DFAs as “electronic” platforms. Thus, these platforms will have to receive Central Bank approval of Russia to operate legally. In addition, the Central Bank would have a right to inspect their transactions and could record them in a special register.
The Russian Central Bank remains wary of cryptocurrencies. She thinks that society at large should not take an interest in them, because according to her, they present financial stability risks.
Thus, the Central Bank seems to support this bill even though in last may she considered that a total ban on cryptos was not necessarily the right solution.
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