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Public Officials in Russia Warned to Sell Crypto Assets Before April

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Public Officials in Russia Warned to Sell Crypto Assets Before April

According to a letter from the Ministry of Labor, government officials in Russia must dispose of their cryptocurrency holdings before April 1, 2021. A few weeks after signing legislation requiring Russian officials to disclose their cryptocurrency holdings, the world’s largest country took a step forward to prohibit crypto users from owning any digital assets.

According to Forklog, the Ministry of Labor and Social Protection of the Russian Federation has sent a letter to civil servants regarding the cryptocurrency it holds.

In addition to prohibiting civil servants from owning such assets, this letter also prohibits officials from using them in any way, including as payment options.

The decision was made shortly after President Vladimir Putin signed a decree that required state officials to disclose information about their cryptocurrency investments. This includes their assets, the names of their spouses and minor children.

It is reported that such officials must get rid of their digital asset investment before April 1, 2021:

“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.”

Russia has a controversial history of trying to regulate and even ban cryptocurrencies. Previous reports indicate that the country is considering heavy fines and imprisonment for holding bitcoins above a certain threshold.

The government rejected these proposals, and the new prime minister vowed to lead the use of cryptocurrency in a “civilized direction.”

Despite these setbacks, a recent report pointed out that Bitcoin is more attractive to Russian citizens than many other investment options, including gold.

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