Russia to Ban Crypto Turnover
Main page News, Fintech, Russia, Crypto Market, Cryptocurrency
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March 16, 2020

Russia may prohibit the issuance and turnover of cryptocurrencies, iHodl Russia reports citing Alexei Guznov Director, Legal Department, Bank of Russia.

According to Guznov, the ban is based on the current version of the bill "On digital financial assets."

Guznov said:

"From the point of view of the functioning of the financial system and the consumer protection system, the legalization of the issue and the organization of cryptocurrency turnover is an unjustified risk. Therefore, the bill directly formulates the ban on the issue, as well as the organization of cryptocurrency turnover, and introduces liability for violation of this ban."

Meanwhile, Guznov admits that the ban will affect only organizations of issuing a digital currency in Russia:

"If a person who owns, conditionally, bitcoins, commits a transaction in a jurisdiction that does not prohibit this, we are unlikely to be able to limit it."

Guznov also expressed hope that the draft law on digital financial assets will be adopted in the second reading in the near future, although the final version of the document has not yet been approved.

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