Anatoly Aksakov, the Monetary Markets Committee of the Decree Chamber of the Russian Parliament of the State Duma, Tuesday, submitted a bill to prohibit the use of Digital Finance Activities (DFA) to pay for any goods in the country.
Takeaway Points:
- The Russian parliament is introducing a bill to ban the use of digital currency to pay for goods.
- Each operation by law will have its record
- Various regulations regarding digital monetary activities in Russia have been in place since this year.
The Russian Bill on Crypto
The bill introduces its already established legislation, which states that employing DFAs as a payment method is illegal, but is not entirely prohibited.
Related articlesYou may also like
The new law, however, will most likely make this ban official and oblige the DFA’s change managers to withhold any offers for crypto to be used as a financial alternative.
“The ruble is the official monetary unit (currency) of the Russian Federation. The aforementioned article sets a prohibition against the introduction of other monetary units or financial surrogates on the territory of the Russian Federation”, the invoice states.
The invoice additionally launched the idea of an electronic platform, serving as a cash and financing platform or information system for which digital cash property will be issued. These platforms will be recognised as subjects of the nationwide fee system and are obligated to submit to the registry of the central financial institution.
Each operation with DFAs, along with their circulation, change and trade activities, will have its record.
Russia is Protecting its Crypto Stance by All Means
The prevailing regulations regarding digital monetary activities have been in the works for some time. This current bill is not the only document examined by Russia’s Duma this year.
In April, the Russian Ministry of Finance (MinFin) finalized a bill titled “On Digital Currency” and sent it to the Russian government for approval into law.
The federal draft was intended to clarify regulations regarding trading, issuance, mining and other activities in the crypto market while sharing the basis for registered investors.
The legislation also comes as an interest in the Russian government’s use of cryptocurrencies as Russian leaders believe that cryptocurrency can provide certain advantages to the country amid the ongoing war in Ukraine, which began in February when Russia invaded the country.
The growing crypto community on Twitter also welcomed the idea.
According to the bill: Digital currency can be accepted “as a means of payment, that is not the monetary unit of the Russian Federation”, as well as as an investment. While there must be no obligated person in relation to it”.
