Russia’s Central Bank And FSB Agree to Ban Cryptocurrency Payment Options

    A Russian local news source, recently reported that the country’s Central Bank and Federal Security Service (FSB) finally came to an agreement that cryptocurrencies should be outlawed. The two authorities have in the past differed on the approach to crypto regulation; this new development will definitely shape how crypto payments in Russia are regulated going forward.

    According to a letter addressed to President Putin, Russia’s Deputy Prime Minister stated that the government had met and agreed on imposing a crypto ban. This comes shortly after the country’s Central Bank made a proposal to change the laws governing blockchain-built tokens.

    Despite its strict stance against crypto payments, Russia’s Central Bank completed a blockchain pilot for tokenization this month. The platform will allow external parties to develop hybrid tokens within its ecosystem in a bid to scale investment avenues.

    Crypto’s Future in Russia

    The new ‘collaborated’ hostility towards crypto payments may largely affect market participation in Russia. FSB proposed that crypto trading for fiat or rubbles should only be done by specially authorized operators. In addition, the KGB successor, is looking for ways to identify all crypto owners in Russia regardless of the value they derive from these assets.

    Before this, FSB was still grey on the position to take or whether it is even possible to regulate a decentralized currency like Bitcoin. The authority had even considered a legal structure that would benefit crypto miners. Russia’s Central Bank on the other hand, has been skeptical and stood firm against any crypto-affiliated transactions over time.

    Given the new alliance towards digital currency regulation, the Russian might see a sharp decline in the use of cryptocurrencies. However, the government has remained open to blockchain tech innovations with a hands-on approach into tokenization.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Edwin Munyui
    Edwin Munyui
    Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    IOHK Reboots Byron Codebase, A Big Step Towards Cardano's Shelley Blockchain Upgrade

    IOHK Team has released a statement that the Byron upgrade is now complete. As per a press release, the upgrade will allow a seamless...

    Bitwise Plans To Target Retail Investors With Its Crypto Index Fund

    Bitwise has revealed that plans are underway to allow the retail market to participate in its large-cap index service. According to CoinDesk, Bitwise is working...

    Binance's Educational Platform Opens Up Government Approved Office in Shanghai

    Binance, one of the most popular crypto exchanges in the crypto-verse which also has many subsidiaries including Binance Academy (a blockchain and crypto-centred educational...

    XRP Trying to Retrace Months of Underperformance But Remains in a “Corrective” Structure

    XRP is up 12.5% but could still jump another 23%, A clean break above $0.21 would be “very bullish” Ripple granted an exemption...

    23k BTC on CME Futures and 50k BTC in Options Expiring Today

    Bitcoin is currently down 0.05% in the past 24 hours trading around $6,640 after hitting $6,872 last night, yet again rejected at $7,000 level....

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.