The regulator is discussing amendments that will more clearly restrict the use of digital assets on the territory of the country and introduce criminal and administrative liability for violation of the law
The Bank of Russia is discussing amendments to legislation that will expand the ban on the use of cryptocurrencies, as well as introduce administrative and criminal liability for violation of restrictions. This was stated by the first deputy chairman of the Central Bank Sergei Shvetsov at the panel discussion of the International Banking Forum, Interfax reports .
“We are now discussing the introduction of legislative changes in order to more clearly prohibit the use of cryptocurrencies and introduce some kind of responsibility,” Shvetsov said.
Also today, Shvetsov said that the regulator is starting to work with banks so that they slow down payments to crypto exchanges. The first deputy chairman of the Central Bank explained that in the field of cryptocurrencies "there is a high probability that, as a high-tech financial pyramid, all this can fall apart to zero." Shvetsov added that from the point of view of the financial regulator, the cryptocurrency market is a big minefield.
On January 1, 2021, the law "On digital financial assets" came into force in Russia. It defines cryptocurrency, but prohibits its use in the country to pay for goods and services. Advertising of digital money payments also falls under the ban.