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Russia’s Labor Ministry has reportedly banned government officials from owning and using cryptocurrencies. Officials have also been ordered to sell any cryptocurrencies they own by April.

Russia prohibits government officials from holding or using cryptocurrencies

The Ministry of Labor and Social Protection of the Russian Federation has issued a letter informing officials that they must remove all cryptocurrencies in their possession by April 1, Forklog reported Friday.

“Officials are required to have digital financial assets issued in information systems organized in accordance with foreign law, as well as digital currencies, regardless of the country of issue,” the letter said. The news broadcast described:

The letter also prohibits government officials from owning and using these types of assets.

The letter specifies the persons affected by the new law, noting in particular those who hold government or state positions, employees of the Central Bank of the Russian Federation, employees of certain categories of organizations and their ownership from January 1, 2021.

Russian President Vladimir Putin signed a decree on December 10, 2020, requiring government officials and applicants for the relevant positions to declare all cryptocurrencies or tokens belonging to them, their spouses and minor children. The first disclosure must be filed between January 1 and June 30 of this year. According to the publication, reporting of digital financial assets and digital currency acquisitions is not required in 2020.

The Digital Financial Assets Act entered into force in Russia on January 1. This law recognizes cryptocurrencies as proprietary, but prohibits their use for payments. The bill on taxation of cryptocurrency transactions was submitted to the State Duma in early December last year.

What do you think about Russia’s banning government officials from crypto? Let us know in the comments below.

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