Tech

Putin signs law banning crypto payments in Russia


People in Russia will soon no longer be allowed to use digital assets as a form of payment. Russian President Vladimir Putin has sign an invoice into legislation that prohibits the use of digital assets, such as cryptocurrencies and NFTs, to pay for goods and services. Also, like Protocol note, the new law also requires crypto exchanges and providers to refuse transactions where a digital transfer could be construed as a form of payment. The new law states:

“No transfer or acceptance of digital financial assets as deliverables, works performed, rendered services, nor in any other manner permitted a presumptive person to pay for goods (works, services) with digital financial assets, unless otherwise provided by federal law.”

As one The New York Times The report said that earlier this year, US authorities believed that some Russian companies affected by the sanctions imposed on their country following the invasion of Ukraine may be using cryptocurrencies. to overcome those limitations. The value of Bitcoin even soaring within a few days after the invasion began in February.

That said, the Russian authorities are not really interested in digital assets: The Central Bank of Russia has called for a complete ban on cryptocurrencies. That most likely did not happen, because the Russian Ministry of Finance opposed the idea and believed that it was necessary to allow cryptocurrency technology to develop. In 10 days’ time, the law will come into effect and will make cryptocurrency payments illegal in the country. Based on DecryptionHowever, Russians can still invest in cryptocurrencies like Bitcoin and will probably continue to mine them as well.

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