Russia is set to place a ban on the employment of cryptocurrencies to procure product and services.
On 29th November,Izvestia reported the ministry of finance and also financial regulator is in support of the ban, though legal measures are not yet officially confirmed.
Vladislav Antonov told Izvestia that currently,cryptocurrencies can be used for many e-commerce, freelancers including the programmers,designers and also copywriters agreed to receive their salaries in bitcoin(BTC) or Ether (ETH).
Being an analyst at Ampari information and Analytical Centers, Antonov noted that while they are not fully permmited, cryptocurrencies are being used frequently to purchase a rang of services and goods including renting of apartments, tickets, computers and also house hold appliances or even booking an hotel.
If truly Izvestia report is correct, Russia regulators thinks placing a ban is necessary so as to prevent crimes.
The report also refers to the comments being made by the deputy head of the banking regulationh department of the ministry of finance, Alexey Yakovlev, who reaffirmed at a conference recently on crypto economics,” We do not see any basis for cryptocurrencies to be used as a means of payment “.
Though the press department of the Central Bank hasn’t officially stated the drafting for a formal bill. But they emphasized that the private cryptocurrencies can’t be compared to the fiat currency and will not be considered a legitimate way to pay for purchases :
“if a decision is made to ban cryptocurrencies as means of payment at the level of legislation we consider it appropriate to support this position. “
The Russian crypto community is ready to place strong restrictions with the rumours circulating that criminal penalties could carry a term of 5-8 years from a report.
From the difficulties of the enforcement, some representative industries reportedly believe the ban might or will be limited to a series of “demonstration cases ” made to discourage the public from defying the law
The head of the Russia-OECD center for RANEPA, Antonina Levashenko has warned saying that the bill might adopt the development of a grey market outside the regulators ‘ oversight.
From a report made recently, Russia is thinking of establishing legal statutes, set to cold into law in the year 2021 allowing the government to confuse digital assets.