{"id":1814,"date":"2018-03-07T11:01:36","date_gmt":"2018-03-07T11:01:36","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=1814"},"modified":"2018-03-07T11:20:19","modified_gmt":"2018-03-07T11:20:19","slug":"russia-drafts-law-to-criminalize-the-use-of-cryptocurrencies-as-money","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/russia-drafts-law-to-criminalize-the-use-of-cryptocurrencies-as-money\/","title":{"rendered":"Russia Drafts Law to Criminalize the Use of Cryptocurrencies as Money"},"content":{"rendered":"

The Russian Ministry of Finance is drafting a law to criminalize the use of cryptocurrencies as money substitutes. The Bank of Russia and the finance ministry have previously opposed the use of cryptocurrency in this way, citing that only rubles can be used for payments of goods and services in Russia.<\/strong><\/p>\n

Money Surrogate Bill<\/h2>\n

The Russian Ministry of Finance proposed last week to \u201ccriminalize the turnover of money surrogates,\u201d including cryptocurrencies, Interfax reported. Deputy Finance Minister Alexei Moiseev revealed during\u00a0Vnesheconombank<\/a>\u2018s conference that his ministry has \u201cprepared a draft law on criminal liability for the turnover of money surrogates,\u201d Business FM elaborated, adding:<\/p>\n

\n

The ministry assumes serious responsibility, right up to criminal ones, for arranging schemes, issuing money substitutes and receiving them\u2026This concerns the payments in cryptocurrency.<\/p><\/blockquote>\n<\/blockquote>\n

\"RussiaMoiseev further clarified that \u201cthe text of the bill on monetary surrogates is not exclusively devoted to cryptocurrencies,\u201d noting that only the Russian ruble can be used to pay for goods and services, as declared in the Russian constitution. While \u201cMonetary surrogates are prohibited,\u201d the publication explained that the laws have not specified penalties for violations. \u201cThe consequences of the violation of this principle have not been reflected anywhere for many years. The Finance Ministry decided to fill this gap\u201d the news outlet detailed.<\/p>\n

Prohibiting the Use of Crypto as Money<\/h2>\n

Although there have been many positive developments for cryptocurrencies among Russian lawmakers this year, the Ministry of Finance and the Bank of Russia have never wavered from their stance on cryptocurrencies as money surrogates. The head of the central bank, Elvira Nabiullina, has repeatedly said that the regulator is against \u201ccryptocurrency as private money and money surrogates,\u201d Interfax described, adding that \u201cunder the definition of money surrogates there are also cryptocurrencies.\u201d Moiseev expressed last week:<\/p>\n

“There is the ruble, and everything else is a surrogate.”<\/p><\/blockquote>\n

The finance ministry has also recently proposed \u201cto legislatively prohibit the use of cryptocurrency as a surrogate for payments in the territory of Russia,\u201d the news outlet wrote.<\/p>\n

According to Moiseev, many Russian companies that accept bitcoin use services that instantly convert cryptocurrencies into rubles. Citing that these companies receive only rubles, he confirmed that \u201cSuch operations will not be closed.\u201d<\/p>\n

The finance ministry recently submitted the bill on digital financial assets, amid its disagreement with the central bank on \u201cthe exchange of cryptocurrency for rubles and other assets.\u201d The Ministry of Finance was quoted emphasizing that it \u201cmust finalize the draft law, which will define the concept of \u2018money surrogates\u2019 in the legislation and establish responsibility for their use as a means of payment,\u201d concluding that:<\/p>\n

This is necessary to protect the ruble as the single legal [means of] payment in Russia.<\/p>\n

What do you think of this draft law? Let us know in the comments section below.<\/strong><\/em><\/p>\n

\n

Images courtesy of Shutterstock.<\/em><\/p>\n

Source: bitcoin.com<\/p>\n","protected":false},"excerpt":{"rendered":"

The Russian Ministry of Finance is drafting a law to criminalize the use of cryptocurrencies as money substitutes. The Bank of Russia and the finance ministry have previously opposed the use of cryptocurrency in this way, citing that only rubles can be used for payments of goods and services in Russia. Money Surrogate Bill The …<\/p>\n","protected":false},"author":1,"featured_media":1815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pgc_meta":"","_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[15,1],"tags":[],"aioseo_notices":[],"yoast_head":"\nRussia Drafts Law to Criminalize the Use of Cryptocurrencies as Money - AtoZcrypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/atozcrypto.org\/russia-drafts-law-to-criminalize-the-use-of-cryptocurrencies-as-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russia Drafts Law to Criminalize the Use of Cryptocurrencies as Money - AtoZcrypto\" \/>\n<meta property=\"og:description\" content=\"The Russian Ministry of Finance is drafting a law to criminalize the use of cryptocurrencies as money substitutes. 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