Russia plans to ban crypto currency, might ban in-game currencies as well

Russian Department of Finances is planning to ban “surrogate currencies” in Russia. The law is clearly aimed at crypto currencies, such as bitcoin, but it is written so vague, that it might affect any other virtual (i.e. fictional) currency as well, including in-game currencies.

Apple Insider here worries that it will effectively put an end to in-game purchases. It probably will not, but game companies will have to replace their “gold”, “crystals”, “hairy gophers” with Russian roubles.
In Russia, the status of cryptocurrency has not been officially determined yet. In the spring of 2018, the bill “On digital financial assets” was introduced in the government, but according to the results of the first reading, the text of the document was drastically changed. Currently, the draft law has not been approved in all three readings.

The social media giant VK is planning to develop its own digital currency and enable users to earn and spend it while interacting within the network. Russia is far from being the only country treating cryptocurrency with suspicion. The National Development and Reform Commission of China (NDRC) recently proposed a total ban on mining cryptocurrency in the country. Meanwhile, South Korea decided to revise a ban on ICO and cryptos, such as bitcoin, ethereum, ripple, and others. Read the crypto trading bot for more info.

With these new declarations from high-ranking members of the Russian Parliament, the country might finally be on the path of obtaining clear-cut regulations for the industry. Speaking during the opening plenary meeting, Volodin urged lawmakers to push beyond “legislative blockages” and focus on passing and enforcing laws.

Or maybe not, you never know with Russian laws.