The Bank of Russia and Rosfinmonitoring are preparing a ban on the cryptocurrencies use to pay for goods and services, a source familiar with the topic of this initiative told.
It is expected that the initiative will have to fight crime in the field of virtual money, however, according to the head of the RANEPA Russia-OECD Center, Antonina Levashenko, this will not help to destroy the “gray” sector, but only deprive the budget of taxes from operations with cryptocurrencies.
The Central Bank did not confirm information about the upcoming bill, but noted that they were ready to support it on occasion. A similar position is taken by the Ministry of Finance of Russia.
The penalties that will be provided for violation of this prohibition remain unknown. There are rumors, including criminal liability, with terms of five to eight years.
Now in the Russian Federation, cryptocurrencies as a means of payment are not prohibited, but not allowed. Customers can pay using virtual money in some Russian online stores, and freelancers often receive payments from them.
Cryptocurrencies are prohibited in Indonesia, Iceland, Bolivia, Bangladesh, Vietnam, Ecuador, and Taiwan. In China, the regulator has banned the processing of payments to banks, but people can use bitcoins for personal transactions.