The Russian Ministry of Finance, cryptocurrencies and of bitcoin introduced a bill on regulation. Some time ago the Russian government cryptocurrencies gave the green light to the special law to be prepared for
“Cryptocurrency Payments Will Remain Banned In Russia”
The statement shared by the country’s Ministry of Finance included the following:
“The use of digital currencies as a method of payment will continue to be prohibited in the Russian Federation. In the proposed regulation proposal, digital currencies will only be allowed to be used as investment vehicles.”
The crypto law has caused some controversy in the country. While the Central Bank of Russia demanded a full ban on cryptocurrencies, the Ministry of Finance requested a legal framework for this technology.
At the beginning of this month, the Russian government approved the preparation of the necessary legal infrastructures for cryptocurrencies, thus rejecting the views of the Central Bank.
The name that prevented the banning of crypto money technology and wanted it regulated instead was Vladimir Putin. In his statement at the end of January, Putin talked about the advantages Russia has in the field of Bitcoin mining.
The draft law, sent by the country’s Ministry of Finance, will impose some restrictions on investors who want to mine Bitcoin and cryptocurrencies. The agency said in its statement that there will be some limitations, such as authentication requirements, annual investment limits, and regulations on storing cryptocurrencies.
“A Maximum Annual Bitcoin Purchase of $7,700 Can Be Made”
Russians will now have to disclose their personal information when trading Bitcoin on regulated exchanges. However, the scope of personal information requested was not specified. Users will pass a test that tests their knowledge of cryptocurrencies, and if they pass the test, they will be able to purchase Bitcoin worth $7,700 annually. Investors who do not pass the test will be able to purchase BTC of $ 650 annually.
BTC investment transactions on exchanges and BTC withdrawals from exchanges can only be made using bank accounts. In this case, it seems that users will not be able to withdraw their BTC to their own cryptocurrency wallets.
Officials also said the following about the new draft law:
“In addition, a temporary account mode will be offered for the security of funds of customers on cryptocurrency exchanges. This account will contain funds from those who bid on the exchange.
In addition, exchanges will be required to keep records of the addresses and identities of each digital currency holder.”
It is known that payments with crypto money are prohibited in our country. It is seen that Russia has the same attitude and some regulations have come with this ban.
While this is the case, it was stated in previous statements that the crypto money bill that is imminent in Turkey can be determined according to the application forms in other countries. For this reason, the latest regulations in Russia, where crypto money payments are prohibited, just like in our country, can be an inspiration for crypto money regulations in our country.
*Not investment advice.