Bans on the use of cryptocurrency introduced - Bank of Russia

Amendments containing additional bans on the use of cryptocurrency on Russian territory are currently being considered by the regulator. As a result, the constraints will become clearer and more defined. In order to enforce the prohibitions, administrative and criminal liability is introduced if the law is violated.

Amendments regarding the expansion of restrictions on the use of digital money are being considered by the Bank of Russia at the state level. According to the Deputy Chairman of the Central Bank S. Shvetsov, it is planned to introduce criminal and administrative liability if the law is violated in any way. As noted by "Interfax", the informing took place within the framework of the panel discussion of the International Banking Forum.

Shvetsov drew attention to the fact that the use of cryptocurrency should be regulated by legislation more clearly and it is the amendments that will be able to ensure this.

Today Shvetsov also noted that the functioning of the services of crypto-exchanges by banking institutions is beginning to be blocked by the regulator.

Such changes are necessary, as reported by the first deputy of the Central Bank. The need is due to the high risk of collapse of the cryptocurrency sphere, which today is identified with a high-tech financial pyramid.

We remind you that on 01.01.2021 the law "On digital financial assets" was introduced on the territory of the Russian Federation. According to him, the cryptocurrency received a precise wording. Also, the law prohibits the use of cryptocurrencies to pay for services and goods. Any advertising of digital money payments is also prohibited.