In the past couple of years, the cryptocurrency industry has gained worldwide recognition and adoption. With time, it has ended up becoming a cold war between the most powerful countries that currently exist. When it comes to all-out adoption, China is one of the superpowers that seem to be taking the lead.
Now that Joe Biden has taken the office in the United States, the cryptocurrency industry now sees a bright future ahead in the country. Another superpower that is investing a lot of resources and energy in the cryptocurrency industry in Russia.
Since last year, Russia has made a lot of progress in the adoption of cryptocurrencies. Back in July 2020, Russia accepted cryptocurrencies as legal securities for Russian citizens. The law recognizing cryptocurrencies as a legal entity was titled “Law on Digital Financial Assets and Digital Currency”. The law was signed by the President of Russia “Vladimir Putin” back in July of 2020.
It was confirmed that the law would be implemented at the beginning of the year 2021. Therefore, the law was indeed put in place from the 1st of January 2021.
Ever since Russia set its eyes upon the cryptocurrency industry, it has taken all the necessary steps to ensure that it exists as a regulated entity in the country. Most importantly, the Russian Government has also ensured that the Russian officials are also following the laws and regulations.
Before the end of 2020, the Russian government had announced that Russian officials were required to reveal their crypto-assets by June 2021. The Russian officials were warned that if anyone is found hiding their assets, they will be met with strict actions.
However, there have been some recent developments made in the Russian cryptocurrencies that address the Russian officials. According to the reports, the Russian Labor Ministry has completely banned Russian officials from cryptocurrencies. The Labor Ministry of Russia has stated that the Russian officials can neither own cryptocurrencies nor they can use them.
Following the orders released by the Russian Labor Ministry, the Russian officials have been intimated to sell their crypto-assets by April 2021.
The instructions have been released in the form of a letter that has been issued by the Ministry of Labor and Social Protection of the Russian Federation.
Furthermore, the Russian officials have also been banned by the Russian Labor Ministry to purchase any more cryptocurrencies.
The letter has defined the personnel who are banned from purchasing cryptocurrencies.
The personnel in the letter include employees of the central bank of the Russian Federation, employees of certain categories of organizations, and personnel holding state or government positions.
The decree was signed by the President of Russia Vladimir Putin back in December 2020, which required the Russian officials to reveal their cryptocurrency or digital asset holdings.