Russia may ban cryptocurrency payments

Russia’s central bank and Russia’s Federal Financial Supervisory Authority are prepared to ban the use of cryptocurrencies to pay for goods and services, the newspaper reported, citing sources familiar with the discussions. The initiative is aimed at cracking down on crime in the virtual currency sector, but Antonina Levashenko, director of the Russia-OECD Center at the Russian Institute of Economics and Public Administration, believes the measure will not eliminate the grey area, but will exempt cryptocurrency transactions from taxation.

Russia or ban cryptocurrency payments

Russia’s central bank did not confirm that it was preparing the draft law, but said it was ready to support it. Russia’s finance ministry takes a similar position.

It was not immediately clear what penalties would be in place for prohibited acts. It is rumoured that the violator could face a penalty of five to eight years.

Currently, some online stores in Russia allow payments in virtual currencies, and freelancers often receive payments in virtual currency.

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