Russian Government Introduces Crypto Bill to Parliament Over Central Bank Objections

TokenInsight news, Russia's Ministry of Finance is pushing forward with its plan to regulate cryptocurrencies in the country, and has introduced a bill to parliament on Feb.18. It is said that the bill treats crypto as an investment tool, not a legal tender, and says cryptocurrencies may not be used to pay for goods and services. It also specifies requirements for cryptocurrency exchanges and over-the-counter desks, which must satisfy certain criteria to obtain a license and be included in a dedicated government register. Foreign crypto exchanges must register legal entities in Russia to provide services in the country. Previously, The central bank, which has been pushing forward the pilot of its central bank digital currency, the digital ruble, has suggested punishing crypto trading and issuance with fines up to 500,000 rubles (about $6,360) for individuals and 1 million rubles for companies.