Russia is continuing its unpredictable relationship with cryptocurrency. At one time, there was talk of the country banning cryptocurrency, though that never happened. Russia eventually legalized it, but did not allow cryptocurrency to be used to make payments. In December 2020, Reuters reported that President Vladimir Putin signed an order requiring that Russian public officials would have to declare cryptocurrency holdings starting January 1, 2021.
Now, Coindesk and Coin Telegraph are reporting that, under a regulation that went into effect in December, certain officials are barred from owning cryptocurrency. This applies not only to government officials but also to board members of the Bank of Russia and even the leaders of government-owned companies and corporations. Spouses and underage children of those subject to the regulation also may not own cryptocurrency. April 1, 2021 is the deadline set for divestment of existing ownership.
