Russian President Putin Passes Bill To Ban Cryptocurrency Payments

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2022-07-22 07:16:41

Russian President Vladimir Putin has signed a new bill related to crypto. Russia stipulates the ruble as the only accepted currency, and cryptocurrency payments are considered illegal.

Russian President Vladimir Putin has signed a law banning cryptocurrency payments in the country

From now on, Russians will no longer be allowed to use digital assets as a form of payment. Russian President Putin has passed a bill banning the use of digital assets, such as cryptocurrencies and NFTs, to pay for goods and services.

The website of the country’s legislative support system issued a notice to prevent payment with digital assets on July 15, 2022.

The new law stipulates that digital assets and digital rights are no longer considered “currency substitute asset” and may not be used for payment or transaction purposes. In addition, other currencies are also banned in order to reaffirm the position of the Ruble, the only official currency used in the territory of the Russian Federation.

The new law provides:

It is not permissible to transfer or accept digital financial assets as goods, works performed, rendered services, nor in any other way that allows a person to assume pay for goods (works, services) using digital financial assets, unless otherwise provided by federal law.

To ensure good implementation of the new regulations, the bill requires the heads of exchanges and businesses to be held legally responsible for any violations. Russian law defines such operators as “subject of the national payment system“So they have to strictly follow the regulations. Other regulations also limit the types of transactions they are allowed to make and prohibit providing leverage and profit products to customers.

The Russian state can directly purchase financial assets without the participation or consent of the exchange. In addition, securities that support digital assets can also be legally terminated without notice to the asset owner.

The moves of Russia so far have shown that this country does not have a common voice on regulations related to cryptocurrencies. Just two months ago, the Central Bank of Russia said it was not banning the idea of ​​using cryptocurrencies for international payments, but not necessarily in the country. On the other hand, the Minister of Industry and Trade of Russia stated that payments in cryptocurrency will be made legally.”sooner or later in one format or another“.

Russian residents living in Europe also have somewhat limited access to cryptocurrencies, as sanctions have banned some exchanges from providing services to Russian citizens outside the country. this family.

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