Russia considers ban on crypto as a means of payment

Reportedly, Russian is considering a ban on the use of cryptocurrencies for payment of goods and services. Thus, people who are used to paying things with bitcoin will face tough times. Some economists are surprised as all developed countries are trying to make digital currencies more widespread and less intimidating for people. Against such a backdrop, Russian attempts to restrict its use appear to be a way forward for the digital medium era. “We believe there are major risks to legalizing operations with cryptocurrencies from the standpoint of financial stability, money-laundering and consumer protection,” said Alexei Guzanov, head of legal affairs at Russia's central bank. For this reason, the Central Bank has decided to modify the status of cryptocurrency in the Russian financial system. Currently, Russians can use financial funds as financial assets. However, some people have warned that it will not last long. In addition, the law defines digital financial authorities as “digital rights, issue, publication and constitutional, which is possible only by making entries in the information system based on a list registry (blockchain).” It is permitted to use cryptocurrency as collateral value, in the transmission of purchases and sales, to provide one type of digital asset interaction — to each other (including those issued by foreign miners). but. In Russia virtual money is prohibited from being a means of payment. Last but not least, all transfers with active currencies must be under the full control of the authorities and should only be conducted through transfer scientists of digital financial management authorities.