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RUSSIA FINANCE MINISTRY SUBMIT BILL TO LEGALIZE CRYPTO-INVESTMENTS AND BAN ITS PAYMENT USE by E. Okorie, 25th of February , 2022
The Russian Financial Ministry have submitted a bill to legalize crypto-investment and ban it's payment use in the country. The bill seeks to regulate "Digital currency" crypto turnover investments and set a framework for investors who wish to invest in cryptocurrency. A mandatory Know Your Customer (KYC) would be required for all investors (buying or selling crypto) which would involve Identity verification. Also deposit and withdrawal involving crypto investors would only be done through traditional financial institutions.
Also the bill seeks to ban various payments using crypto in the country. This ban involve conventional receiving crypto for exchange of service.