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The head of the lower house of the Russian parliament (State Duma) – anatoly aksakov – presented legislation focused on cryptocurrencies and their use within Russia's borders. If the invoice is approved, the "digital financial assets" (dfa) will not be accepted as a means of payment for any kind of products or services in the country.
Scrap Crypto, the ruble is the Russian currency.
The Russian authorities are deeply divided about how to approach the local cryptocurrency industry. The country’s central bank insists on a total ban of all digital asset endeavors, while the Finance Ministry believes imposing regulations is a better idea.
At first, the lower house of the Federal Assembly of Russia – the State Duma – shared the central bank’s vision. In 2020, lawmakers considered prohibiting the use of digital assets and insisted that those who continue to interact with the sector be fined and even sent to jail.
In March this year, the authorities abandoned such plans, claiming that designing an appropriate regulatory framework is wiser than imposing a blanket ban on the asset class.
Earlier this week, the head of State Duma – Anatoly Aksakov – touched upon the topic once again, proposing a bill that outlines digital currencies as inapplicable for a payment method. He recalled that Russia's national currency – the ruble – remains the nation's only official currency unit, and that no amendments are needed:
"The ruble is the official currency unit of the Russian Federation. The aforementioned article prohibits the introduction of other monetary units or monetary substitutes in the territory of the Russian Federation."
According to an already existing legislation, employing DFAs as a payment method is illegal, but are not entirely prohibited. However, if approved by the Federal Council and President Vladimir Putin, the new bill will make the embargo formal.
In addition, the proposal would require that all financial, investment and information platforms that interact with digital assets be treated as ‘electronic' platforms. To operate legally, they should receive central bank approval. The financial institution would also monitor their actions and place them on a special ledger.
Russian Central Bank’s Take
A few weeks ago, a senior official at the Bank of Russia – Ksenia Yudaeva – said the organization is not entirely against the usage of the asset class, claiming it could facilitate international trade deals. Statement of the russian central bank some weeks ago, a senior official at the bank of russia, ksenia yudaeva, said the organization is not entirely against the use of the asset class, stating that it could facilitate international trade agreements.
However, the bank thinks that society in general should not deal with cryptocurrencies because they pose risks for financial stability: We still believe that the active use of cryptocurrency in the country, especially in Russia's financial infrastructure, creates large risks for citizens and users.
