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Some Russian officials want cryptocurrency to be accepted as payment under domestic contract rule.
Russian lawmakers are currently considering reversing the country’s prohibition on cryptocurrency payments in portion.
The chairman of the Russian Duma’s Committee on State Building and Legislation, Pavel Krasheninnikov, reported that the government is considering amending civil law to accept crypto payments as a “contractual medium.”
Krasheninnikov told Interfax on Monday that cryptocurrencies like Bitcoin (BTC) are not technically a legitimate payment form in Russia, which means retailers are not expected to accept them. The proposed changes would make crypto transfers in Russia under contractual law, which means that such payments would be possible only with the cooperation of all parties involved:
“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.”
As previously noted, Russia enacted a cryptocurrency payment ban in January, effectively barring people from making or accepting cryptocurrency payments in the nation. Last year, Anatoly Aksakov, the chairman of the Russian State Duma Committee on Financial Markets, proposed that legalising cryptocurrency transfers would effectively entail the “destruction of the financial system.” Aksakov believes Russia’s yet-to-be-launched central bank digital currency will be the “highest form of money” and an integral part of national treaties by 2023 or 2024.