Several weeks after signing legislation that required Russian officials to disclose their crypto holdings, the world’s largest country by landmass has gone a step further by prohibiting them from owning any digital assets.
- The Ministry of Labor and Social Protection of the Russian Federation has sent a letter to civil servants regarding their cryptocurrency holdings, according to Forklog coverage. It reads that such officials have until April 1st, 2021, to get rid of their digital asset investments:
“Officials are obliged to dispose of digital financial assets issued in information systems organized in accordance with foreign law, as well as digital currency, regardless of the country of issue.”
- Apart from prohibiting civil servants from owning such assets, the letter also forbids officials from using them in any way, including as payment options.
- This decision comes shortly after President Vladimir Putin signed a decree dictating that country officials had to disclose information regarding their cryptocurrency investments. Those included the name of the assets that belong to them, their spouses, and minor children.
- Russia already has a somewhat controversial history with trying to regulate or even outlaw cryptocurrencies. Previous reports indicated that the nation considered hefty penalties and imprisonment for holding bitcoin above certain thresholds.
- The government rejected these propositions, and the new Prime Minister vowed to lead cryptocurrency usage in a “civilized direction.”
- Despite these setbacks, though, a recent report outlined that bitcoin is more attractive to Russian citizens than numerous other investment options, including gold.