Russia Decides to Outlaw Crypto as a Means of Payment

Russia’s Federal Security Service (FSB), the successor of KGB, agreed with the Central Bank of Russia that cryptocurrencies should not be allowed as means of payments on the territory of Russia, a local portal reported.  

Russia’s Two Giant Departments Come to Compromise

Prior to this consensus, the FSB was confused about whether it was even possible to ban cryptocurrencies like Bitcoin as payment options. The two departments have argued about how to regulate digital currencies. While the Bank of Russia has been firm on its position that everything related to cryptos should be banned, the FSB was open to legalization and endorsed a regulatory framework that would favor miners.

However, according to letter from the Deputy Prime Minister Dmitry Chernyshenko seen by Russian portal Baza, which was sent to President Vladimir Putin, the two agencies have finally come to a compromise.

A decision was made following a meeting in the government to establish a ban on the issuance and…