Russia: Crypto Debit Cards Are Legal Here

by Pushpa Naresh

Russian government reiterated the use of cryptocurrencies for local purchases with cryptocurrency debit cards. Deputy Finance Minister Alexei Moiseev, himself cleared all doubts, categorically stating that the use of non-fiat payment card did not break any of the local laws. According to the minister, such payment was legal since the merchant would receive his payment after processing in fiat-currency, Rubble.

Legal payment cards

The Minister in conversation with leaders from political, industry and media at the annual Gaidar Economic Forum along with academicians to discuss challenges and opportunities for the country, especially in the case of digital assets.

The minister appeared to prove his government’s pro-crypto stance by relating the example of a customer using a crypto-linked payment card to pay his utility bill. The minister asserted that this was not an illegal move since the card already converted to Dollars before offering in Rubbles.

His argument was the fact that the commercial organization finally received the payment with regard to crypto accounts. Therefore, the currency is in line with existing guide laws, the official confirmed.

Reiterating this same, was the founder of Bitsmedia, Ivan Tikhonov saying that crypto enthusiasts should take the plunge and converts the economy into the decentralized ledger technology. However, he reiterated that the locals should not include international accounts and if they need to do so they have to first notify the Russian Tax Services.  The accounts should also ensure that the movement of the funds is all reported on a regular basis. According to the crypto agency founder, the account holder should also ensure that the Code of Administrative Offenses.

The crypto debit cards currently in use are in North America and Europe. But these processors were connected to fiat money both in-store as well as online purchases, as in the case of cards which are issued banks.

Digitized currency is not fraud

At the forum, the deputy finance minister has also indicated that the crypto industry has changed for the new. This is one of the most decisive trends which could set up the use of cryptocurrencies in the mainstream. Earlier known as Pyramid Schemes, cryptocurrencies are now acknowledged as equivalent to legal or money transactions. However, the Finance Minister has proposed the extensive use of blockchain transactions as part of the digital assets because of “anonymity” is only an illusion. Though the positive environment in the use of cryptocurrency in the country, it is yet to issue any type of three laws.

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