A letter has been issued by the Ministry of Labor and Social Protection of the Russian Federation in which it’s mentioned that certain kinds of government servants have to declare their digital assets (Bitcoin, Ethreum, etc.) by April 1st, 2021. The letter explains that Russian federal and provincial levels officials consisting of Russian Bank members and government-owned associations are not authorized to own cryptocurrencies and any digital assets governed by laws of foreign countries.
On December 10, 2020, Russian President Vladimir Putin signed a law that obligates officials to confirm the information about the cryptocurrency and tokens belong to them, their spouse, and children. In between January 1st, 2021 to June 30th, 2021, the concerned persons should submit the first report. The new decree aims to control corruption, mentioned in the letter.
On January 1st, 2021, the decree on digital financial assets filed in Russia, recognized cryptocurrencies and yet restrict their adoption as mentioned in it. In early December 2015, the outline law on the tax of transactions with cryptocurrency was sent to Duma State.
As the crypto market is gaining momentum, financial experts and policymakers are urging for more and more regulations. Many small nations and some global economies like China and European Union are feeling an urgent need for their Central Bank Digital Currencies (CBDC). China is currently experimenting with Digital Yuan while European Commission is willing to work on Digital Euro Project.