The Russian Ministry of Finance has revised its draft law “On Digital Currency”.
The new revision reflects various suggestions by other government departments and agencies.
The amendments have been coordinated with the ministries of economy, digital development, internal affairs, the Federal Tax Service, and Russia’s financial watchdog, Rosfinmonitoring.
The latest revisions would allow Russian legal entities and individual entrepreneurs to use cryptocurrencies for payments with foreign counterparties.
Yet, the Central Bank of Russia remains opposed to any legalization of cryptocurrencies like bitcoin.
Also, there is a wider consensus among Russian authorities that cryptocurrency should not be accepted as legal tender in the country.
Earlier, the Interfax news agency had reported that the finance ministry is considering crypto as Russia’s access to the traditional payment channels is limited by western sanctions imposed over the war in Ukraine.
Among the revisions, is a ban on the advertising of crypto trading platforms that are not licensed to operate in Russia.
At the same time, authorized exchanges may be obliged to store information about cryptocurrency holders and their transactions for a period of three years and share the data with Russian law enforcement.
