Russia Prohibits Government Officials From Owning Crypto, Must Dump Holdings by April – Regulation Bitcoin News

The Russian Ministry of Labor has reportedly banned government officials from owning and using cryptocurrencies. Officials have also been ordered to dispose of any cryptocurrencies they hold by April.

Russia bans government officials from holding or using cryptocurrencies

The Ministry of Labor and Social Protection of the Russian Federation has issued a letter informing officials that they must get rid of all cryptocurrencies they hold by April 1, Forklog reported on Friday.

“Officials are obliged to sell digital financial assets that were issued in information systems organized under foreign law, as well as digital currencies, regardless of the issuing country,” the letter said. The news agency described:

The letter also puts a ban on public officials from owning and using these types of assets.

The letter lists people who will be affected by the new law, in particular, people who hold government or state positions, employees of the Central Bank of the Russian Federation, employees of certain categories of organizations and their owners from January 1, 2021.

Russian President Vladimir Putin signed a decree on December 10, 2020 urging government officials and applicants for the relevant positions to declare cryptocurrencies or tokens belonging to them, their spouses and minor children. The first disclosure must be made between January 1st and June 30th of this year. According to the publication, reporting on digital financial assets and digital currency purchases in 2020 is not required.

The Law on Digital Financial Assets came into force in Russia on January 1. It recognizes cryptocurrencies as property, but prohibits their use for payments. The bill on the taxation of cryptocurrency operations was presented to the State Duma in early December last year.

What do you think of Russia banning government officials from crypto? Let us know in the comments below.

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