Russian Federal Financial Monitoring Service Says Bitcoin Ban Bill Should Be Revised

News and Analysis

Pavel Livadny, deputy director of Federal Financial Monitoring Service of Russia (Rosfinmonitoring), has suggested that the bill implying ban of cryptocurrency in Russia will have to be revised.

Speaking at a conference organized by Russian Bankers Association, Pavel Livadny said:

“Presently, a bill banning cryptocurrency turnover in Russia is being prepared. At the same time, we cannot turn a blind eye to the fact that the tool is developing around the world. We will have to look at it from a different perspective of regulation, rather than banning.”

Last week, Russia’s deputy minister for finance Alexey Moiseev said the document is being clarified and amended due to numerous comments it has received. However, basic provisions of the bill will remain untouched, he added.

Russian Central Bank earlier seconded the initiative as to cryptocurrency banning. Russian Ministry of Finance proposed to consider issuance and turnover of cryptocurrencies a felony subject to punishment of up to 7 years of imprisonment.

The bill is expected to be introduced to the Russian parliament during its spring session, which means it would happen in early July at the latest.

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