7/16/2022 0 Comments
Russian President Vladimir Putin has signed legislation prohibiting the use of digital assets for payment purposes. However, the law does not prohibit investing in cryptocurrencies such as Bitcoin.
Russia's central bank had previously called for a ban on Bitcoin mining and crypto transactions, but the country's Finance Ministry stated earlier this year that it would be "necessary to allow" cryptocurrency technology.
According to the law, as published on the Russian parliament's website and translated by Google Translate:
“It is prohibited to transfer or accept digital financial assets as a consideration for transferred goods, performed works, rendered services,
Russia has previously been accused of using cryptocurrency to avoid sanctions following its invasion of neighboring Ukraine.
Russia has been placed on the crypto blacklist following its invasion of Ukraine. As a result, major cryptocurrency exchanges such as Binance and Coinbase have stated that they will follow US or EU laws restricting Russians' use of exchanges.
Under Russian law, such operators are considered "subjects of the national payment system" and are required to follow regulations that limit the types of crypto transactions they can perform and prohibit the provision of leverage and yield products to their customers.
The law is expected to be enforced by holding cryptocurrency exchanges and businesses liable for violations.
Financial assets can now be acquired directly by the Russian government without the involvement or consent of the exchange. Securities that support Bitcoin also Ethereum and all other crypto assets may also be legally terminated without prior notice to asset holders.
Nonetheless, the Russian central bank is thinking of accepting cryptocurrencies for international payments.
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