FSB and the Central Bank of Russia in Favour of Banning Cryptocurrencies

1 min reading

Supposedly, the Russian security services and the central bank have come to an understanding on the topic of cryptocurrencies. The organs' intention is to not allow cryptocurrencies as a means of payment on the territory of Russia.

Security services and the central bank against cryptocurrencies

According to a local news portal, even thoguh the institutions had previously argued about the way of regulating digital currencies, Russia’s Federal Security Service (FSB) and the Central Bank of Russia reached a consensus on cryptocurrencies. The bank is of the view that a ban should be put on everything related to cryptography. The security services, on the other hand, were open to legalization. To be more specific - the FSB wasn't even sure if it was possible to ban cryptocurrencies such as Bitcoin (BTC) as a means of payment.

As a letter from the Deputy Prime Minister Dmitry Chernyshenko to President Vladimir Putin reports, in the end, the Russian security services and the country's central bank came to an understanding in terms of the ban on the use of cryptocurrencies as a means of payment on the territory of Russia.


The FSB wants to identify all cryptocurrency owners

In the same letter, Czernyszenko wrote that the FSB insisted on some of its cryptography proposals to be included in the "digital financial assets" project, which is likely to be passed to parliament this spring.

Some of the FSB's suggestions imply that the exchange of cryptocurrencies for rubles and other fiat currencies should only take place through specialized operators. The Russians, therefore, would not be able to buy anything for their coins, but they would be able to exchange them for traditional currencies.

Moreover, even if a citizen owns cryptocurrencies and does not use them in any way, they will have to undergo an identification procedure carried out by specialized operators. In the case of the non-compliance with upcoming law, the FSB wants to impose administrative and even criminal liability.

According to Anatoly Aksakov, the chairman of the State Duma commission for Financial Market, the project will be introduced in spring with 99% probability.

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