One of Russia’s Presidential Candidates plans to ban Bitcoin and other cryptocurrency-related transactions in Russia. This is an obvious effort to control the power of the Russian citizens. The Libertarian Party in Russia has been pushing for the legalization of cryptocurrency in the country to help move the country forward.
A bill submitted to the Russian parliament is seeking to require the country’s political candidates to disclose their cryptocurrency investments, local news outlet RNS reported on Monday. Should it be approved, the new bill would require candidates to disclose their cryptocurrency investments, along with property and income, to the Russian Central Electoral Commission (CEC).
The State Duma, Russia’s lower house of parliament, has proposed a new bill which would require Russian politicians to report their cryptocurrency holdings to the government. The bill, which was introduced on February 7, 2018 by members of the Russian parliament, proposes that all candidates running for office are supposed to disclose all their cryptocurrencies and digital assets, as well as the fiat currency equivalent of their crypto holdings. All candidates will have to include this information in a statement of financial interests, which is submitted to the Central Election Commission when running for office.</pA bill has been submitted to the Duma requiring candidates for elections in Russia to declare their spending on digital assets. According to the bill, Russian politicians must disclose every cryptocurrency purchase they and their family members make if the total amount exceeds a certain amount.
Applicants must provide details of their transactions with cryptocurrencies
The Russian Duma, the lower house of parliament, has approved the first reading of a bill that adds disclosure of cryptocurrency purchases to Russia’s electoral legislation. Candidates running for public office will have to disclose the amounts they have invested in purchasing digital financial assets, a term that includes digital coins. The government’s bill makes the necessary changes following the passage of the Digital Financial Assets and Digital Currency Act, Prime Business News Agency reported. It would require election candidates to share information about their cryptocurrency spending, including that of their spouses and children. The rule applies if the total amount of these investments exceeds the total income of the applicant and his or her household in the past three years. At the same time, Russian politicians will be required to provide information proving the origin or source of funds used to finance these transactions.
Draft law adapting the laws on the election of the Russian president and of the deputies of the State Duma
The new law amends two important federal laws – the Law on the Election of the President of Russia and the Law on the Election of Deputies to the Duma. The amendments also affected the laws establishing the fundamental electoral rights of citizens of the Russian Federation, including the right to participate in a referendum, as well as a number of other legislative acts. The updated rules will take effect in time for the first election held after the bill’s passage. In December, Russian President Vladimir Putin signed a decree requiring officials to disclose information about their assets in cryptocurrencies. As a result, government officials must now provide information about where they acquired digital assets and report their value by the end of June this year. What is your opinion on the proposed changes requiring Russian election candidates to disclose their investments in cryptocurrencies? Share your thoughts in the comment section below.
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ACT, bill, candidates, crypto, cryptocurrencies, transactions, MPs, disclosure, bill, election, election candidates, election law, income, investment, law, lawmakers, legislation, MPs, president, Putin, regulation, Russia, Russian Federation, Duma, State Duma Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.The Russian Central Election Committee has asked the Ministry of Finance to specify the status of cryptocurrencies in the upcoming elections. This is part of a new bill that is currently being discussed by the Russian Parliament. If approved, it means that candidates for office in Russia will have to disclose all of their crypto investments. Cryptocurrency Candidates. Read more about cryptocurrency worthless and let us know what you think.The Russian Central Election Committee has asked the Ministry of Finance to specify the status of cryptocurrencies in the upcoming elections. This is part of a new bill that is currently being discussed by the Russian Parliament. If approved, it means that candidates for office in Russia will have to disclose all of their crypto investments. Cryptocurrency Candidates. Read more about cryptocurrency worthless and let us know what you think.
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