Russian officials consider partial lift on crypto payment ban

Russian authorities are reportedly weighing a partial reversal of the country's ban on cryptocurrency payments.

Russian officials consider partial lift on crypto payment ban

The chairman of the Russian Duma’s Committee on State Building and Legislation, Pavel Krasheninnikov announced that the government is considering an alteration in civil law to allow crypto payments as a “contractual medium.” Krasheninnikov noted that cryptocurrencies like Bitcoin do not currently represent a legal payment method in the country, which means that merchants are not required to accept it. 

The planned amendments would allow crypto payments in Russia under contractual law, meaning that such payments would be only possible with the consent of all involved parties:

“We believe that it is necessary to make amendments to the Civil Code, the initiative is currently undergoing a necessary approval procedure. Currently, there is an understanding that digital currency is not legal as payment but this payment method, quite possibly, can be contractual.”

In January, Russia enforced its cryptocurrency payment ban by officially prohibiting residents from making and accepting payments in crypto across the country. 

Last year, the chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov argued that legalizing crypto payments would essentially mean the “destruction of the financial system.” He is confident that Russia’s not-yet-launched central bank digital currency is poised to be the “highest form of money” and will be an integral part of national settlements by 2023 or 2024.

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