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Russia bans cryptocurrency as a payment form

Russia bans Bitcoin and other cryptocurrencies as a form of payment – according to the bill law passed through this weekend.

The bill is on a wider range about digital money and other assets, however the owning and trading of bitcoins and other cryptos are still obscurity, means it still doesn’t have on official legal status in the country.  Exchanges and other forms of trading are still legal, but as a type of payment form is supported.

Banning Bitcoins as a payment form in Russia.

Russian trading companies, banks and exchanges are still able to work with crypto, as soon as they are registered with Russia’s Central Bank.

The good news is that this law  will not due to come until the 1st of January, 2021.

According to the new law in Russia, digital assets will be a form of property and should be disclosed for taxation purposes.

The bill states that cryptocurrencies are:

Digital rights comprising money claims, ability to exercise rights under negotiable securities, rights to participate in equity of a non-public stock company and right to claim transfer of negotiable securities set in a resolution on the DFA issue.”

According to the trading of digital assets:

“The central bank is vested with the authority to maintain the register of information systems and the register of operators of digital financial assets exchange and supervise the business of information system operators.”

In conclusion, the trading and buy-sell of cryptos is still legal, but the usage as a payment type is prohibibited from the 1st of January, 2021.

Featured image is from Pikist

John McEnroe

John McEnroe

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