Russian lawmakers adopted a bill that grants legal status to cryptocurrencies such as Bitcoin (BTC). However, it also banned them from being used to pay for goods and services.
Russian legislatures approved the Digital Financial Assets (DFA) bill on July 22. The bill received support from senior lawmakers such as Anatoly Aksakov, who chaired the parliamentary financial markets committee. According to a report by the news agency Tass, the new law recognizes digital assets as “not able to pay for any goods and services at the same time, while accepting an aggregate of electronic data that can be considered as a means of payment”.
Can Be Held For Investment Purposes
The Russians gained legal right to buy and hold Bitcoin (BTC) and other crypto assets as investment instruments, but there is one point: “Owning and transferring digital money is permitted only if declared.”
According to the Tass report, the Russian central bank will play an important role in the regulation of virtual currencies. “The central bank will have the right to determine the characteristics of digital assets that can only be accessed by qualified investors,” the news agency said.
In addition, virtual currencies can be “regulated, bought and sold within the framework of special information systems” and “their systems and operators will comply with Russian law and will be included in a relevant registry held by the Bank of Russia.”
Previously Had A Prison Term Offer
In an earlier version of the law, individuals who bought Bitcoin in cash had an offer of fining 7,000 rubles or up to seven years in prison.
It was also planned to punish companies that issue or run virtual money without the approval of the Russian central bank with fines up to million rubles.