Russia declared impossibility of virtual ban on BTC payments

by in Cryptocurrency News

Russia law bitcoin

It is legally possible to prohibit the use of crypto as payment for services and goods, but in fact, it will be very difficult to enforce the ban. This was stated by Chairman of the State Duma Committee on the financial market Anatoly Aksakov, reports TASS.

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According to him, those “who are ready to go all out” will continue to use digital currencies, despite the ban.

Aksakov also noted that the implementation of the ban may be hindered by the lack of clear regulation of the industry in Russia and, in particular, the very definition of cryptocurrencies.

“Money surrogates are banned in Russia. While there is no clear definition that crypto coin is a money surrogate. The ruble is the only means of payment, but currencies are used. These are all issues that require a legal definition for law enforcement officers to work more calmly with this. Is it a money substitute? Or maybe this is electronic currency?" said the official.

He also emphasized that it is precisely the enforcement issues of various legislative initiatives that impede the adoption of clear regulation of crypto:

“In the bill on digital financial assets, these instruments were prohibited. At the same time, other bills were being prepared that were aimed at introducing responsibility for organizing such trade on the territory of Russia. But all this is in the coordination stage, a long time ago".

Recall that on Friday, November 29, the media reported that the Bank of Russia and Rosfinmonitoring are preparing a bill banning the use of crypto as payment.