Tuesday, May 24, 2022

REPORT: Central Bank of Russia will issue bills to ban the issuance and circulation of cryptocurrencies in the country

Source: Kommersant

Information agencies report, citing sources, that the Central Bank of Russia has prepared two bills: on a ban on the issuance and circulation of cryptocurrencies in the country, as well as on fines of up to 1 million rubles for violating these requirements.

In the first draft, the Central Bank proposes to ban the organization of issuance and circulation of private digital currency in Russia.

Amendments are proposed to be made to the federal law “On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation”. Banks, financial institutions, and subjects of the national payment system will be prohibited from “owning private digital currencies”, Russian news agency TASS reports. Keep reading »