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Media: regulators may ban payments in cryptocurrencies in Russia

Media: regulators may ban payments in cryptocurrencies in Russia

According to Izvestia, citing its own sources, the Central Bank of the Russian Federation and Rosfinmonitoring may advocate banning the use of cryptocurrencies as a means of payment in Russia.

According to regulators, cryptocurrencies are often used in criminal schemes. In addition, freelancers are paid in cryptocurrencies and do not pay taxes. Some online stores also accept payment in bitcoins.

Experts believe that such a ban can only deprive the budget of taxes from operations with digital assets. However, the Ministry of Finance of the Russian Federation supports the idea of a ban:

“We do not see any prerequisites for cryptocurrencies to be used as a means of payment,” said Alexey Yakovlev, Deputy head of the banking regulation Department of the Ministry of Finance.

The Central Bank did not confirm the development of this bill, but representatives of the Bank stressed that the use of cryptocurrencies to pay for purchases cannot be legal.

“If a decision is made to ban cryptocurrencies as a means of payment at the level of legislation, we consider it appropriate to support this position,” said representatives of the Central Bank.

Rosfinmonitoring only stressed that it is trying to comply with the recommendations of the International group for the development of financial measures to combat money laundering (FATF), the final version of which appeared in June this year.

Recall that back in August, Russian Prime Minister Dmitry Medvedev instructed agencies to develop a bill on regulating cryptocurrencies by November 1 this year, but the bill has not yet been adopted.