Russian officials consider partial lift on crypto payment ban

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Last year, Russia announced that it was working on a bill that would ban the use of cryptocurrency as a means of payment. Since then, bitcoin and other digital currencies have continued to be used by Russians looking to hide their money from the government, with black market activity growing as a result. Recently, however, Russian officials have been meeting to discuss the possibility of lifting the crypto ban, albeit only for a limited number of goods. Specifically, the Russians may allow the use of digital currencies for the purchase of groceries, medicines, and other goods that are not subject to tax.

Russian officials are reportedly considering a partial lift of the country’s crypto payment ban. The Bank of Russia is considering allowing the use of cryptocurrencies for purchases of goods and services, including real estate, cars and services, according to local news source Vedomosti, while Russia’s finance minister, Anton Siluanov, told reporters that the finance ministry was preparing to support the crypto payments proposed by the central bank, according to a report by Tass

The Russian government is now considering whether to lift its ban on cryptocurrency payments. The head of the Bank of Russia, Elvira Nabiullina, said that this move could make it easier to understand the legal status of cryptocurrencies.  Elvira Nabiullina, Governor of the Central Bank of Russia, Reuters Nabiullina said: “The discussion is ongoing, but we are not excluding anything. The central bank’s position is that we don’t recognize cryptocurrencies as money, and we are examining the possibility of allowing transactions with cryptocurrencies within the framework of existing laws.” She added, “We are not planning to recognize the virtual currency as a payment instrument.” The Russian Ministry. Read more about new cryptocurrency and let us know what you think. Russian officials consider partial lift on crypto payment ban Russian lawmakers are reportedly considering a partial lifting of the country’s ban on cryptocurrency payments. Pavel Krasheninnikov, chairman of the State Construction and Legislation Committee of the Russian State Duma, said the government is considering amending civil legislation to allow payments in cryptocurrencies as a means of concluding contracts. According to Interfax on Monday, Krasheninnikov noted that cryptocurrencies such as Bitcoin (BTC) are not currently legal tender in Russia, meaning traders are not required to accept them. The planned changes will make cryptocurrency payments in Russia contractual – meaning that such payments will only be possible with the agreement of all parties involved : We believe that an amendment to the Civil Code is necessary; the initiative is currently in the required approval process. It is now clear that digital currencies are not legal tender, but this method of payment can be tradable. As previously reported, Russia imposed a ban on cryptocurrency payments in January of this year, officially banning residents of the country from making and accepting payments with cryptocurrencies. Anatoly Aksakov, chairman of the Duma’s financial markets committee, argued last year that legalizing crypto payments would essentially destroy the financial system. Aksakov believes that the Russian central bank’s digital currency, which has yet to be launched, will be the ultimate form of currency and will be an integral part of the national payment system by 2023 or 2024.The Russian government is reportedly considering implementing a partial ban on the use of cryptocurrencies such as Bitcoin for payments, the Moscow Times reported Oct. 1. According to the publication, authorities are considering the ban due to the increased use of cryptocurrencies to fund illegal activities, including terrorism.. Read more about cryptocurrency prices and let us know what you think.

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Emilia James
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