Fun

Russia Prohibits Government Officials From Owning Crypto, Must Dump Holdings by April

News Feed - 2021-01-26 11:01:44

Russia Prohibits Government Officials From Owning Crypto, Must Dump Holdings by April


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 own by April. Russia Prohibits Government Officials From Holding or Using Cryptocurrencies


The Ministry of Labor and Social Protection of the Russian Federation has issued a letter in which it informed civil servants that they must get rid of any cryptocurrencies they are holding by April 1, Forklog reported Friday.


“Officials are obliged to dispose of digital financial assets issued in information systems organized in accordance with foreign law, as well as digital currencies, regardless of the country of issue,” the letter says. The news outlet described: The letter also establishes a ban for civil servants to own and use these types of assets.


The letter specifies persons affected by the new law, naming in particular those holding government or state positions, employees of the Central Bank of the Russian Federation, employees of certain categories of organizations, and their ownership from Jan. 1, 2021.


Russian President Vladimir Putin signed a decree on Dec. 10, 2020, requiring government officials and applicants for the relevant positions to declare any cryptocurrencies or tokens owned by them, their spouses, and minor children. The first disclosure must be submitted between Jan. 1 and June 30 this year. According to the publication, reporting of digital financial assets and digital currency acquisitions in 2020 are not required.



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


What do you think about Russia banning government officials from crypto? Let us know in the comments section below. Harvard Economics Professor: Governments Will Not Allow Bitcoin on a Big Scale and They Will Win REGULATION | 1 day ago Janet Yellen Clarifies Her Stance on Bitcoin — Promises "Effective" Crypto Regulation REGULATION | 2 days ago Tags in this story civil servants, government officials, russia bans bitcoin, russia bans crypto, Russia bitcoin, russia crypto, russia cryptocurrency, russia prohibits crypto, russian crypto regulation, state officials


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Institutional tokenization will propel Web3 forward — Jason Dehni
Vince Quill6 hours agoInstitutional tokenization will propel Web3 forward — Jason DehniThe real-world asset tokenization market is projected to reach $2 trillion by 2030 despite a rocky start, according to McKinsey &am
Jesse Coghlan7 hours agoCrypto firms have already breached new UK promo rules 221 times, says FCAMany of the firms the FCA warned were breaching the new rules appear to be dubious high-yield return schemes, but legitimat
Ana Paula Pereira3 hours agoWho is Mira Murati, OpenAI’s interim CEO?OpenAI’s new interim CEO is considered a "product person" who supports regulatory oversight of artificial intelligence.780 Total views3 T
Warning: Bitcoin And Altcoins Fischer Transform Indicator Turn Bearish For The First Time Since 2021
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Centralized Exchange Operators Believe Low Liquidity on DEX Platforms Stops User Migration
Centralized Exchange Operators Believe Low Liquidity on DEX Platforms Stops User Migration Centralized cryptocurrency exchanges (CEX) operators say they are unfa
The Fed’s Christopher Waller Wants 50 bps Rate Hikes Until Inflation Subsides, US Savings Data Plummets
The Fed"s Christopher Waller Wants 50 bps Rate Hikes Until Inflation Subsides, US Savings Data Plummets Federal Reserve governor Christopher Waller has detailed he is ready to get
Kraken CEO: ‘Defi Scams’ Must Take Their Losses as Way to ‘Enlightenment’
Kraken CEO: "Defi Scams" Must Take Their Losses as Way to "Enlightenment" Jesse Powell, chief executive officer of the world’s fourth-largest crypto exchan
Bradesco, One of Brazil’s Largest Banks, Launches Tokenized Credit Notes in Blockchain Pilot
Bradesco, One of Brazil"s Largest Banks, Launches Tokenized Credit Notes in Blockchain Pilot Bradesco, one of the largest banks in Brazil and the third biggest in all of Latam, has
Dogecoin Bollinger Bands Squeezes Tighter Than It Was Before 2021 Rally, What This Means
Este artículo también está disponible en español. Dogecoin has had quite an eventful few daysin terms of price action, trading volume, trading activity, and interest amon
Report: Nigeria to Start Piloting Digital Currency in October
Report: Nigeria to Start Piloting Digital Currency in October The Central Bank of Nigeria (CBN) has reportedly set October 1 as the commencement date for the tri
Coinbase CEO Says Apple’s Crypto Policy Raises ‘Potential Antitrust Issues’
Coinbase CEO Says Apple"s Crypto Policy Raises "Potential Antitrust Issues" The CEO of the Nasdaq-listed cryptocurrency exchange Coinbase, Brian Armstrong, says Apple has not playe
Peafarm – NFT Crypto Games on Tron 4.0 Platform, Airdrop Is Now Live
Peafarm – NFT Crypto Games on Tron 4.0 Platform, Airdrop Is Now Live PRESS RELEASE. NFT (non-fungible token) had been used in the construction of decentralized