Digital asset transactions from Europe to Russia had been capped at $9,900, but the European Union says there was still some level of activity, necessitating the total ban.
The bill amends certain banking laws to permit the use of digital assets as investment vehicles, with the goal of increasing “the investment attractiveness of the use of digital rights by businesses.”
The IMF recently released a report that Russia might have found a way to evade international sanctions stating that block reward mining activities could be used to evade economic boycotts.
In addition to the new regulations regarding rules for digital currencies, the U.S. Treasury also warned exchanges not to facilitate transactions for individuals or entities on the sanctions list.
The U.K. parliament is pushing for the passing of a new economic bill that will give the government greater power to seize digital currencies to curb money laundering.
The Russian government hasn't placed a total ban on digital currency in the country, but they have yet to accept it as a legal tender.
A representative of President Vladimir Putin put it beyond doubt that Russia doesn’t intend to reverse the digital currency payments ban, let alone make it legal tender.
Russian President Vladimir Putin wants the country’s law enforcement agencies to focus more on the digital currency industry, which he believes is being used increasingly by “criminal elements.”
Public officials in Russia must include digital currencies owned by their spouses and children, and must report by June 30, 2021.
The bill, signed by President Vladimir Putin, bans citizens from using digital coins to pay for goods and services.
Russian President Vladimir Putin is reigniting a decades-old rivalry, saying the United States has the Internet, but blockchain technology will be Russia’s.