Russia Partially Lifts Ban On Crypto Payments.

Russia Partially Lifts Ban On Crypto Payments.

2021-05-24 | Mike Hallen

Russia Partially Lifts Ban On Crypto Payments.

Russian lawmakers are reportedly weighing a partial reversal of the country’s ban on crypto payments. The chairman of the Russian Duma’s Committee on State Building and Legislation, Pavel Krasheninnikov, revealed that the govt is considering amending civil law to permit crypto payments as a “contractual medium.” In line with Interfax earlier today on Monday, Krasheninnikov outlined that cryptocurrencies like Bitcoin [BTC] don't presently represent a legal payment method in Russia, which suggests that merchants aren't required to accept it. The planned amendments would permit crypto payments in Russia under contractual law - meaning that such payments would be solely possible with the consent of all involved parties:
“We believe that it's necessary to form amendments to the Civil Code, the initiative is presently undergoing a necessary approval procedure. Currently, there's an understanding that digital currency isn't legal as payment but this payment method, quite possibly, is often contractual.”
As reported earlier, Russia enforced its cryptocurrency payment ban this January, officially prohibiting residents from making and accepting payments in crypto within the country. Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, argued last year that legalizing cryptocurrency payments would essentially mean the “destruction of the economic system.” Aksakov is confident that Russia’s not-yet-launched CBDC is poised to be the “highest sort of money” and can become an integral part of national settlements by 2023 or 2024.

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