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Russian President Signs Law Banning Cryptocurrency Payments in Russia

Russian President Signs Law Banning Cryptocurrency Payments in Russia

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Answer Russian President Signs Law Banning Cryptocurrency Payments in Russia

Russian President Vladimir Putin has signed a bill making cryptocurrency payments illegal.

The latest action from Russia would be a blow to the $920 billion digital asset class in the world’s largest economy.

Putin Bans Crypto Payments:

According to a legal amendment on July 14, the Signature On a law prohibiting payment of users for goods and services with cryptocurrency by President Vladimir Putin.

Under the newly passed law, approved by the Russian parliament on July 8, cryptocurrencies and digital securities are no longer accepted as cash alternatives in Russia.

Hence it cannot be used as a method of payment.

Read:A crypto project joins the Facebook digital currency project

The law also prohibited other monetary units, leaving the Russian ruble as the only currency accepted throughout Russia.

Exchange platform operators and crypto-related companies will be held responsible for any violations of the law.

These operators will be required to submit transactions and other actions to the Register of the Central Bank of Russia as part of the national payment system and prohibit the provision of leveraged products and their returns to their clients.

The law further states that the government can confiscate financial assets without the participation or authorization of cryptocurrency exchanges.

Additionally, crypto-backed securities and digital assets can be legally canceled without informing their owners.

Russia and Mixed Sentiments Towards Cryptocurrencies:

Government units and lawmakers have long struggled to reach a consensus on the acceptance and use of cryptocurrencies within the Russian Federation.

In other words, the country had a complex relationship with Bitcoin.

Russia initially suspended a ban on cryptocurrency payments in 2020.

The Bank of Russia has also previously called for a blanket ban on the use and mining of cryptocurrencies.

Read:Report: “CZ” founder of Binance is the richest person in the cryptocurrency field

Last May, the Central Bank confirmed that it would not object to the use of cryptocurrencies in international transactions while continuing to stress that they pose significant risks to Russian citizens and the country’s economic infrastructure.

Read:New Report: Only 13 Cryptocurrency Exchanges Have “Reliable” Trading Volume

On the other hand, Minister of Industry and Trade Denis Manturov confirmed that cryptocurrency payments will be legalized sooner or later in one form or another.

Russia has been in the spotlight since the start of the war with Ukraine due to its alleged use of cryptocurrencies to reduce the force of international financial sanctions imposed against it.

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Russia has also been in the spotlight since the start of the war with Ukraine due to its alleged use of cryptocurrencies to reduce the force of international financial sanctions against it.


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