Russian lawmakers will vote on a new bill to prohibit cryptocurrencies and digital tokens as a means of payment in the country.
Per a recent report from local news outlet RIA Novosti, Anatoly Aksakov, Chairman of the Financial Market Committee has submitted the bill to the State Duma. If the draft was approved by the committee, the members of the lower house are expected to vote on the legislation on first reading next week.
Mr. Aksakov told the publication that cryptocurrencies, in his opinion, cannot be equated with fiat money and cannot be legal tender. He added that the ruble is the only legal tender in the Russian Federation.
If a decision is made on the legislative level, the law will explicitly prohibit crypto payments inside the Russian Federation.
Until today, crypto in Russia has existed in a legal gray area. Locals were allowed to buy and exchange cryptocurrencies, but companies and exchanges dealing were often under a close watch by law enforcement agencies. According to industry estimates, the annual volume of crypto transactions in the country is around $5 billion.
But faced with stiffening sanctions over its invasion of Ukraine, Russia was reportedly mulling the idea of accepting Bitcoin or other cryptocurrencies as payment for its international trade.
Russia has earlier floated the idea of allowing cryptocurrency to be used as payment for its oil and gas sold to “friendly countries.” At the time, head of energy committee, Pavel…
