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Russian President Vladimir Putin signed a law on July 14 that bans the use of cryptocurrencies as a means of payment, local news media RBC reported. The law will become effective 10 days In a recent update, the Russian State Duma announced that Putin signed a bill suspending certain parts of an existing federal law “on banks and banking activities.” The Russia President Vladimir Putin has signed a law banning digital payments across the nation, according to a policy amendment on Thursday. The law was approved by Payments with digital assets are now banned in Russia under a new law. President Vladimir Putin has prohibited the use of cryptos, digital securities and utility tokens Russian president Vladimir Putin has signed a bill into law prohibiting the use of digital assets, such as cryptocurrency and NFTs, to pay for goods and services. In addition

Russia President Putin Signs Law Banning Crypto Payments

In a significant move impacting the digital asset landscape, Russian President Vladimir Putin signed a law on July 14th prohibiting the use of cryptocurrencies as a means of payment within Russia. This new legislation, extensively reported by local news media RBC and other outlets, marks a decisive step in the country's evolving stance on digital currencies.

The law, which will become effective 10 days after its official publication, explicitly bans payments with digital assets, including cryptocurrencies, digital securities, and utility tokens, for goods and services. This effectively prohibits businesses and individuals from using Bitcoin, Ethereum, and other digital currencies to settle transactions within the Russian Federation.

This policy amendment, approved by the Russian State Duma, reflects a growing concern regarding the potential use of cryptocurrencies to bypass traditional financial controls. While the Russian government has been exploring the use of a central bank digital currency (CBDC), this latest law signals a firm rejection of decentralized cryptocurrencies as legitimate forms of payment.

In a recent update, the Russian State Duma also announced that Putin signed a bill suspending certain parts of an existing federal law “on banks and banking activities.” This move, seemingly related to the broader regulatory environment surrounding digital assets, underscores the government's active role in shaping the future of finance in Russia.

The ban extends to various digital assets, including not only cryptocurrencies like Bitcoin and Ethereum but also non-fungible tokens (NFTs). This broad definition ensures that the prohibition on using digital assets for payments is comprehensive.

The implications of this new law are far-reaching. It remains to be seen how it will impact the existing crypto ecosystem in Russia and how businesses and individuals will adapt to this new regulatory environment. The ban on crypto payments represents a significant shift in Russia's approach to digital assets and will likely have a lasting impact on the country's financial landscape.

Stay tuned for further updates and analysis on the evolving regulatory framework surrounding cryptocurrencies in Russia.

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