Sunday, 05 July 2020

Digital assets bill to outlaw crypto trading in Russia

Bank of Russia (BoR) has announced that the new version of the bill on digital assets will include a ban on issuing and selling cryptocurrencies.

The central bank contributed to a second draft of the bill in the fall of 2019, clarifying the requirements for the issuers of security tokens. In particular, the issuer should report capital of no less than USD 660.000 and be able to provide the access to the ledger to law enforcement if needed.

However, BoR is still reluctant to let tokens that are not securities, like Bitcoin or Ether, gain a legal standing in Russia. According to CoinDesk, people will not be punished for owning cryptocurrencies if they made their deal in a jurisdiction that does not prohibit that, but institutions that make crypto trading and usage possible would be outlawed under the bill.

BoR reported in December 2020 it was running the first pilot tokenisation project by mining and smelting company Nornickel, which is planning to tokenise batches of palladium, cobalt and copper and sell metal-backed stablecoins.


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