The Russian Ministry of Economic Development has sent a letter to the State Duma, the lower house of the Federal Assembly of Russia, criticizing the bill that seeks to ban cryptocurrency in the country. Local publication Kommersant reported Wednesday that it has seen the letter.
Russian officials detailed that the bill proposes a complete ban on the issuance and circulation of existing cryptocurrencies in Russia, penalizing legal entities and individual entrepreneurs engaged in these activities. The ministry explained that the existing legislation for cross-border transactions does not protect the rights of cryptocurrency users, asserting that this will push all operations outside Russia, which will lead to losses for the country’s economy.
Russian ministry criticizes bill to ban cryptoRead More
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Blockchain, Legal, Legislation & regulation, News, Policies
