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Russia Blacklists Local P2P Crypto Exchange LocalBitcoin

Russia has now prohibited its citizens from accessing peer-to-peer (P2P) crypto exchange LocalBitcoin as well as any other cryptocurrency transactions.

The country’s telecommunication authority Roskomnnadzor proposed the veto to restrict the issuance of digital assets and its peer-to-peer (P2P) tradings. The bill responsible for this veto has recently passed its third and final reading.

Alongside the above statement, Roskomnadzor emphasized that cryptocurrencies such as Bitcoin cannot be used as a medium of exchange; both for goods and services. More so, other payment means accepts only the Russian ruble.

According to the country’s law, digital financial assets (DFA) must be well defined in its operations. Particularly the ability to perform right under negotiable securities as well as the right to participate in the equity of no non-public stock company. Lastly, the right to claim the transfer of negotiable securities must be included.

Crypto developers and investors are authorized by Russian law to actively engage in issuing, trading, or operating using digital assets. They should prioritize the registering of their services with the country’s framework of special information systems. Other than that, they must comply with the requirements of the Central Bank of Russia.

Roskomnadzor remarked that, as time flies, the Central Bank of Russia will pioneer financial options that will strictly restrict citizens from accessing digital assets. But individual persons who already hold these assets can have the chance to register with the authorities.

For this, the said financial authority maintains and regulates the registering of information systems and financial asset operations.

CoinQuora Staff

CoinQuora is an online publication that aims to educate about news, exchanges, and markets in the cryptocurrency and blockchain industry

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