Russia is preparing to introduce fines for payments in cryptocurrency

The director of the legal department of the Central Bank of Russia, Andrei Medvedev, said that the country may adopt a law providing for serious fines for settlements in cryptocurrencies on the territory of the state. This was reported by RBC.

The document, which has already been submitted to the State Duma for consideration, was prepared by the financial institution jointly with the Ministry of Finance. According to the draft law, individuals will pay from 100 to 200 thousand rubles for goods or services in cryptocurrency, and legal entities - from 700 thousand to 1 million rubles.

The harshest penalty is confiscation of funds if the cryptocurrency was used illegally.

The Bank of Russia insists that cryptocurrencies cannot be legal payment instruments within the country. This position is recorded in Federal Law No. 259-FZ on digital financial assets, which prohibits the use of crypto as a means of payment and exchange in the territory of the Russian Federation. At the same time, the Bank of Russia allows limited use of digital assets within the framework of the experimental legal regime (ELR), especially in the field of foreign economic activity.

Earlier, the head of the Central Bank of Russia Elvira Nabiullina stated that the regulator allows the possibility of direct circulation of crypto assets, but access to such operations will be limited and possible only through an experimental legal regime (ELR) and for a narrow circle of qualified investors.