Dissemination of information about cryptocurrencies …

The dissemination of information about cryptocurrencies may fall under the ban in the Russian Federation

The draft law “On digital financial assets”, updated for the second reading, was published on the State Duma website at the end of last week, Kommersant draws attention. It is accompanied by several documents defining the procedure for regulating operations with cryptocurrencies. So, the circulation of cryptocurrencies not issued under the internal regulation of the Russian Federation, and their mining is directly prohibited.

According to the Russian Association of Cryptocurrencies and Blockchain (RACIB), which sent its response to the proposed bill to the Ministry of Economy and the State Duma, the authorities give “an unambiguous message to all entrepreneurs whose activities are in one way or another related to cryptocurrencies to immediately withdraw their business from the country to other jurisdictions.”.

The ban on the circulation of cryptocurrencies has been actively discussed in the Russian cryptocurrency community over the past week and a half, but the latest version of the bill also provides for restrictions on the dissemination of information. In particular, it is proposed to prohibit the dissemination of information about the organization and / or implementation of the issue, as well as the organization of the circulation of digital currencies..

The Skolkovo Foundation, with reference to experts, states that any messages on social networks, the media and on other sites that mention developments in the field of blockchain or information about the development of the cryptocurrency market in Russia and abroad may fall under this norm. Violators may face blocking by Roskomnadzor.

Dissemination of information about cryptocurrencies ...

“The Russians are immersed in a complete information vacuum, because analytical notes in the media and even the publication of the bitcoin rate against the ruble may fall under the ban. Therefore, a reasonable compromise seems to be a ban on advertising, and not a total cleaning of the information field from bitcoin, “said Mikhail Uspensky, partner of Taxology..

The bill is expected to be passed in the fall session. Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, noted that the document reflects the tough position of Russian regulators, however, it is not planned to bring citizens to responsibility for operations with cryptocurrencies on foreign platforms.

Dissemination of information about cryptocurrencies ...

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