Russia Will Force Government Officials to Sell Cryptocurrency
The term for the sale of crypto assets for Government employees is determined by the Ministry of Labor of the Russian Federation. All cryptocurrencies must be sold by April 1, 2021. This is stated in the official letter of the department
It follows from the document that the decision concerns not only the ownership of cryptocurrencies but officials are prohibited from making payments using digital financial assets issued in accordance with foreign laws, regardless of the country of issue. Other uses of cryptocurrencies is also prohibited.
Earlier, Russia adopted a law that obliged civil servants to declare cryptocurrency assets, their spouses and even minor children own. However, the authorities of the Russian Federation went even further. Now civil servants have no right to own Bitcoin and other digital money at all.
The current attempt of regulating cryptocurrency assets resembles a couple of previous and not entirely successful ones. Russia is being thrown from one extreme to another. Contradictory laws come out.
Even today, against the background of the adoption of the law on cryptocurrencies, the expected launch of stablecoin, regulation has worsened, albeit only in relation to civil servants. It's bad for the cryptosphere anyway.
Mining is thriving in the country, but Bitcoin is not an approved tender. Nevertheless, Russia is developing in this direction, and the authorities are aligning themselves with civilized European norms.