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Bank of Russia proposes Legal Liability on illicit operations with Crypto

Russia’s financial regulators are sticking by their long-standing anti-crypto stance, this time around by pushing the proposal to introduce liability for illegal use of crypto. Last week, in its document with the subject, “Main Directions for Financial Market Development of the Russian Federation”, the Russian Bank proposed manifold economic changes for the period until 2024, including the legal liability on crypto activities, which the financial institution considers to be illegal.
The Central Bank of Russia had already levied payments via virtual currencies as illegal under the current Russian legislation, which identifies ruble as the only legal tender in the country. In addition to its former decision, the Bank of Russia’s exclusive proposal to incorporate legal liability for the “illegal circulation of digital financial assets” in crypto regulations is unsurprising. Furthermore, the project has already been approved by the Central Bank’s Board of Directors for submis

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