The acceptance of digital financial assets is not universal. Similarly, Russia has shown sheer disappointment to accept these instruments for their economy. The prohibition of payment using financial instruments has brought the future of blockchain under question in Russia. The operators were brought a notice to deny the transactions which are made using digital instruments. The prohibition law has come from the lower house of the parliament.
What are the highlights of legislation brought into action?
The ban on the use of financial instruments will bring changes in utilitarian tokens and rights once it gets implemented entirely in the country. The operators of the platform will help the government to implement the law. For example, the exchange must refuse any transactions in the form of digital assets or any other blockchain-backed financial instruments.
- The platform of investment and issuers of tokens will keep a detailed report of transactions (digital assets), if any.
- Russia’s central bank will keep a record of payments made using digital instruments.
- There stands a chance of the legalization of cryptocurrency payments to international institutions.
- “Money Surrogates”, this term is popular among Russians when using digital instruments for payment.
There are many opinions on the use of cryptocurrency in Russia. However, the government’s next action and implementation will decide the future. For now, the currency doesn’t hold a positive stand among the officials. There is no news of the currency acting as a legal tender. In the end, it is important to stay cautious while using blockchain technology for transactions concerning Russia.