Russia Restricts Cryptocurrency to Investment Use Only
- Russia’s central bank prohibits the use of crypto assets like Bitcoin and Ethereum for payments.
- Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, confirmed that cryptocurrencies cannot be used for purchasing goods and services in Russia.
- Under Russian Law on Digital Financial Assets, cryptocurrencies are classified as property, allowing ownership and trading but restricting usage to investment purposes only.
- The Bank of Russia is considering new proposals to expand crypto access for high-income investors, including potential investment thresholds and regulations for crypto trading.
Russia continues to limit the role of cryptocurrencies such as Bitcoin and Ethereum strictly to investment purposes, prohibiting their use in transactions. The Bank of Russia is exploring ways to allow greater access for affluent investors within this framework.
Source (3.2)https://cryptobriefing.com/crypto-payments-ban-russia/?rand=59535
