Anatoly Aksakov: Russia Can Forbid Crypto But It Will Be Very Hard

 The Russian Federation may forbid the payment with crypto for goods and services, but succeeding in that goal might be quite difficult according to Anatoly Aksakov, Chairman of the State Duma Committee on Financial Market as we are reading further in the crypto news below.

 It was told to the local media, by Anatoly Aksakov, that the enforcement of the use of cryptocurrency for payments is problematic from the practical viewpoint. The official commented:

“In the draft law on [digital financial assets], these instruments (cryptocurrencies) were prohibited. Accordingly, other bills were being prepared in parallel; [they] were aimed at introducing responsibility for conducting cryptocurrency trading on the territory of the Russian Federation. While all this is being negotiated for quite a while, law enforcement is challenging. Maybe this is one of the reasons that so far these bills have not been agreed upon.”

The official pointed out that though it is not easy to enforce the prohibition in the Russian Federation, nonetheless it can be utilized in the case of conscientious citizens. Whilst, the ones who are all in with cryptocurrencies will undoubtedly continue to use them beside the prohibition.

Aksakov also said that the enforcement of such prohibition is hindered by the absence of a clear legal definition of the term cryptocurrency. He said:

“Money substitutes are banned in Russia. So far, there is no clear definition yet that cryptocurrency is a money substitute. The ruble is the only means of payment, but [another fiat] currencies are used as well. Therefore, all these issues require a legal definition so that law enforcement agencies could do their work more conveniently. Is it a money substitute? Or is it a digital currency?”

Naming money laundering risks and other issues, the Bank of Russia has spoken against the legalization of cryptocurrencies. The only legal tender on the territory of the Russian Federation is the Russian Ruble, said the bank’s press service to the local media. The Bank of Russia has another aspect that she doesn’t appreciate the high volatility. Whilst the government of the Russian Federation still makes a comparison between the pros and cons of crypto, the Bank of Russia would probably prohibit crypto operations in the same respect as China did in 2017.
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