A new State Duma bill could ban any form of cryptocurrency payments in Russia.
What happened: According to a new bill proposed by Anatoly Aksakovthe head of Russia’s lower house, will ban any form of “digital financial assets” as a means of payment within the country.
“The ruble is the official monetary unit (currency) of the Russian Federation. The above article prohibits the introduction of other currency units or currency surrogates on the territory of the Russian Federation,” Aksakov wrote.
In order to be passed, the bill must go through three stages of consideration in the State Duma, after which it is submitted to the Federation Council, and then to the Presidential Office Wladimir Putin for final approval.
Last year Putin said he believes cryptocurrencies have the right to exist and be used as a means of payment.
The country’s Treasury believes in imposing regulations on the sector, while the central bank favors a total ban within the country, although it does not oppose its use in international transactions.
Earlier this month, Benzinga reported on it Xenia Yudaevathe First Deputy Governor from the Central Bank of Russia, said it does not object to the country’s citizens using crypto for payments outside the nation.
Russians were active traders of Bitcoin BTC/USD, ether ETH/USD, Dogecoins DOGE/USD, and other cryptocurrencies. A recent report revealed that 2% of all Russian electricity is used for crypto mining.
See also: WHAT IS CRYPTOCURRENCY MINING?
Price promotion: According to data from Benzinga Pro, Bitcoin was trading at $30,262, down 2.73% over the past 24 hours.
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