Timur Khutov, Head of Criminal Law Practice, BMS Law Firm:

As of today, this initiative appears to be somewhat rashed. The status of cryptocurrencies in Russia has not been fully settled which makes the task facing law enforcement authorities more complicated as it allows broad interpretations which are not always justified. On the other hand, the only legitimate means of payment in the territory of Russia is the Russian ruble, and in this light the initiative of the Ministry of Finance is totally logical; it does not prohibit keeping funds in cryptocurrencies, same as, for instance, in US dollars or euros, however, it establishes a prohibition on direct settlements using these currencies, you first have to exchange them to Russian rubles”.