Russia Plans to ban crypto currencies

Russia Plans to ban crypto currencies

The Russian government prepares to ban crypto currencies. As stated by the Russian news express RIA Novosti, the Russian Finance Ministry is planning on legislating against the use of crypto currencies. The Russian Finance Ministry is issuing a proposal to prohibit the use and operations with money substitutes and value transmitters such as digital currencies. The Ministry is also considering not just prohibiting crypto currencies, but also to bring criminal responsibility to companies and individuals who conduct operations with money substitutes


Related News

CoinSpot Brings Bitcoin ATM to Contentious Russia

Did you know there's a bitcoin conference happening in Moscow, Russia? Neither did we. To say the least, event organizers didn't exactly do the best of jobs promoting the event, but that's beside the point. Russian start-up CoinSpot has apparently brought one of the first bitcoin ATMs to Moscow, Russia. That's according to 'bitcoin Jesus' Roger Ver, who posted an image of the Lamassu-manufactured ATM (which is more practically a vending machine) on Twitter. As you may or may not aware, the status of crypto-currency in Russia is a bit confusing, to say the least. Earlier this year in....

Digital Ruble: Russia Unveils Plans to Test Central Bank Digital Currency

As China is actively testing its digital yuan, Russia is now planning to build and test a central bank digital currency, the digital ruble. Meanwhile, the Bank of Russia has proposed limiting the amount of bitcoin retail investors can buy. Russia’s Central Bank Plans Digital Ruble The central bank of Russia has outlined its plans to conduct an experiment using the digital ruble with a limited number of participants after public consultations, Izvestia publication reported last week. The Bank of Russia announced the development of the digital ruble and public consultations on its....

Russia’s Biggest Bank Sberbank Unveils Crypto Plans to Follow Upcoming Regula...

The largest bank in Russia, the state-owned Sberbank, has reportedly unveiled its crypto plans as the country is set to begin regulating the industry in January. Sberbank’s CEO says the bank may issue its own cryptocurrency in collaboration with JPMorgan. Sberbank’s Crypto Plans and Sbercoin The CEO of Sberbank, Herman Gref, unveiled on Monday his bank’s plans for when the country’s upcoming crypto regulation takes effect. Gref explained that the law “On digital financial assets” will enter into force in Russia on Jan. 1. It provides a legal definition....

Russian Bitcoin Ban Plans to Fine Digital Currency Users

The Russian Bitcoin ban is starting to take form as Russia's Ministry of Finance has revealed the full draft of their proposed legislation. When Russian media first reported Russia's intentions to ban Bitcoin by 2015, the world wondered how the ban would be implemented. Russia is going to have inherent trouble in tracking Bitcoin transactions. The Russian Federation is planning to impose fines on anyone caught using or spreading information about digital currencies. According to the document, individuals that are found to be creating, mining, or issuing Bitcoin or other digital currencies....

Russia Plans To Impound Unlawfully Acquired Cryptocurrencies

The Russian prosecutor general allegedly reports that cryptocurrencies are being utilized for bribing. As a result, Russia introduced cryptocurrencies into its legal system and as a taxable value in 2020. The country has also banned its public officials from possessing crypto with effect from this year. Russia is now assembling legislation to ensure that law-enforcement […]