Russia’s Finance Ministry Submits Bill to Legalize Crypto Investments, Ban Payments – Regulation Bitcoin News - BitcoinEthereumNews.com
Russian Ministry of Finance has prepared and submitted a new bill to expand crypto regulations to the government. The law “On Digital Currency” aims to introduce rules for investment in cryptocurrencies while at the same time cementing a ban on their use in payments. Draft Law ‘On Digital Currency’ to Regulate Crypto Turnover in Russia The Ministry of Finance of the Russian Federation has presented to the federal government in Moscow legislation tailored to fill the regulatory gaps in the country‘s crypto space, remaining after last year’s enforcement of the law “On Digital Financial Assets.” According to an anouncement published this week, the draft law “On Digital Currency” has been filed with the White House on Friday, Feb. 18. The Treasury Department and the Central Bank of Russia (CBR) were tasked by the government to develop the new legal framework together. However, as the two institutions have supported opposing approaches, last week the ministry suggested the adoption of two laws to regulate the crypto market while media reports revealed the monetary authority had been working on its own bills to implement its proposal for a wide-ranging ban on crypto activities. Minfins legislation is based on its regulatory concept, approved by the executive power earlier