Russia's Principal Security Agency Wants to Ban Crypto Payments
Main page News, Russia, Crypto Market, Cryptocurrency, Regulations
Hot topic
19 February
364 364

The Federal Security Service of the Russian Federation (FSB), which is Russia's main security agency, and the Bank of Russia have agreed to prohibit cryptocurrency payments, iHodl Russia has learned.

According to the source familiar with the matter, a decision was made following a meeting in the government to establish a ban on the issuance and use of cryptocurrencies as a means of payment.

Bank of Russia to Ban Banking Accounts Related to Crypto Trading

Meanwhile, Chairman of the State Duma Committee on Financial Market Anatoly Aksakov said that the Bank of Russia and the "competent authorities" still have disagreements over some points of the law "On Digital Financial Assets," which impedes its adoption.

The position of Russia's financial watchdog is a total ban, while the FSB believes that this approach can force the cryptocurrency miners to hide "in the shadows." It is also reported that the FSB advocates the legalization of the exchange of digital currencies to traditional ones through the "specialized operators" and the establishment of "identification of all owners of [cryptocurrencies] by specialized operators."

Violations of the requirements may reportedly result in administrative and criminal liability.

Earlier iHodl reported that the Central Bank of the Russian Federation expects stablecoins to become a highly-potential asset that will eventually compete with the traditional stock market.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error