Putin signs law prohibiting crypto payments in Russia

People in Russia will soon no longer be allowed to use digital assets as a means of payment. Russian President Vladimir Putin has signed a law banning the use of digital assets such as cryptocurrency and NFTs to pay for goods and services. Also as protocol notes that the new law also obliges crypto exchanges and providers to refuse transactions where digital transfers can be interpreted as a means of payment. The new law states:

“It is prohibited to transfer or accept digital financial assets as consideration for goods transferred, works performed, services rendered, or in any other manner that accepts payment for goods (works, services) by digital financial assets, except as otherwise provided by federal law .”

As a New York Times According to a report earlier this year, US authorities believe some Russian companies hit by sanctions against their country following its invasion of Ukraine may use cryptocurrency to circumvent those restrictions. The value of Bitcoin even rose for a few days after the invasion started in February.

However, Russian authorities are not very interested in digital assets: the Central Bank of Russia called for a total ban on cryptocurrencies. That most likely didn’t happen because the Russian Ministry of Finance rejected the idea, believing it was necessary to allow the development of cryptotechnology. In 10 days, the law will go into effect, making paying with crypto illegal in the country. Corresponding decryptHowever, Russians can still invest in, and presumably continue to mine, cryptocurrencies like Bitcoin.

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https://www.engadget.com/putin-law-prohibiting-crypto-payments-russia-125015139.html?src=rss Putin signs law prohibiting crypto payments in Russia

Russell Falcon

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