Russia again seeks penalties for Bitcoin payments

Anatoly Aksakov, head of the State Duma committee on the financial market, proposed legislating a ban on using cryptocurrencies as a means of payment on Russian territory and to hold users to account for transactions in them. This was reported by ТАСС.

Mr Aksakov said the ban is necessary to protect non-professional investors.

“The number of people involved in cryptocurrencies is sizeable. Unfortunately, many inexperienced individuals fall prey to these networks, so we must regulate all processes,” he explained.

Alongside a strict ban on bitcoin payments, the official says it may be possible to permit cross-border crypto transactions. In particular, payments for shipments of goods into Russia.

Aksakov added that details of the crypto market’s regulatory framework are currently under discussion.

Earlier, the Russian government was tasked with preparing proposals coordinated with the central bank for the development of cryptocurrencies and the digital ruble.

Earlier, the Ministry of Finance of the Russian Federation announced plans to allow international bitcoin payments for all sectors without restrictions.

Against the backdrop of tightened sanctions, Russian companies have partly switched to settlements in cryptocurrencies, though regulation of such transactions has not yet been codified.

In February, the Ministry of Finance introduced the bill «On Digital Currency», prohibiting the use of this financial instrument as a means of payment on Russian territory.

Around that time the Bank of Russia prepared drafts of laws banning bitcoin and fines of up to 1 million rubles.

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