Russian officials are considering partially lifting the crypto payments ban

Russian lawmakers are said to be considering partially lifting the country’s crypto payment ban.

Pavel Krasheninnikov, chairman of the State Building and Legal Committee of the Russian State Duma (the country’s parliament), has announced that the government is considering changing civil law to allow payments in cryptocurrencies as a “contractual vehicle”.

Russian officials are considering partially lifting the crypto payments ban

Pavel Krasheninnikov

According to the news agency Interfax Krasheninnikov reports today that cryptocurrencies like Bitcoin are not currently a legal payment method in Russia, which means no one should accept them. The planned changes would enable contractual payments in cryptocurrency in Russia – that is, such payments may only be made with the consent of all contracting parties.

“We consider an amendment to the German Civil Code to be necessary, the initiative is currently going through the necessary approval procedures. There is currently the understanding that digital currencies are not legal as a means of payment, but rather this payment method for contracts. “

As Cointelegraph recently reported, Russia introduced a cryptocurrency payment ban in January that officially banned citizens from making and accepting cryptocurrency payments in the country. Enabling users to pay through a contract means that they have accepted Bitcoin as a legitimate and valuable form of payment, which is of particular importance to Bitcoin miners in the country.

Anatoly Aksakov, chairman of the Russian State Duma’s Financial Markets Committee, argued last year that legalizing cryptocurrency payments essentially means helping to destroy the system. Aksakov is confident that Russia’s upcoming central bank digital currency (CBDC) is on the verge of becoming “the highest form of money” and will be a staple of national settlements by the end of 2023 or 2024.


According to Cointelegraph

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