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On June 7, the Russian State Duma’s Aksakov introduced an amendment that bans the use of all security tokens, utility tokens, and non-fungible tokens (NFTs) as a The State Duma, Russia’s lower house of parliament, has passed a bill to ban the use of digital assets in making payments in its first reading. However, RBC, a Russian Last week, Russia’s lower parliament chamber submitted a bill to outlaw cryptocurrencies as a payment mechanism, causing confusion about the country’s stance on MOSCOW, July 22 (Reuters) - Russian lawmakers passed a bill on Wednesday to give cryptocurrencies legal status, but banned them from being used as a means of payment. Legislation to prohibit payments using crypto-assets sponsored by the Financial Markets Committee of the State Duma Anatoly Aksakov has passed through the first It would be illegal to use “digital financial assets” (DFA) to pay for products or services if it became law. According to local media, the bill, which was sponsored by Anatoly Aksakov, the head of Russian President Vladimir Putin has officially signed a bill banning the use of digital assets for payment in the country. It means Russians cannot use digital assets as

Russia Passes Bill Banning Crypto as Payment Method: What You Need to Know

The Russian cryptocurrency landscape continues to evolve. The State Duma, Russia’s lower house of parliament, has passed a bill to ban the use of digital assets in making payments in its first reading. This signifies a significant shift in Russia's approach to cryptocurrencies and their practical applications within the nation's economy.

According to local media, the bill, sponsored by Anatoly Aksakov, the head of the Financial Markets Committee of the State Duma, aims to outlaw cryptocurrencies as a payment mechanism. Legislation to prohibit payments using crypto-assets sponsored by Anatoly Aksakov has passed through the first reading, indicating initial support within the parliament. This follows after, on June 7, the Russian State Duma’s Aksakov introduced an amendment that bans the use of all security tokens, utility tokens, and non-fungible tokens (NFTs) as a means of payment.

Essentially, it would be illegal to use “digital financial assets” (DFA) to pay for products or services if it became law. While MOSCOW, July 22 (Reuters) - Russian lawmakers passed a bill on Wednesday to give cryptocurrencies legal status, the bill banned them from being used as a means of payment. This means Russians cannot use digital assets as a form of direct payment for goods and services within the country.

RBC, a Russian media outlet, has reported on the bill's progression, highlighting the ongoing debates surrounding cryptocurrency regulation. Last week, Russia’s lower parliament chamber submitted a bill to outlaw cryptocurrencies as a payment mechanism, causing confusion about the country’s stance. The new legislation further clarifies the government's position, emphasizing a prohibition on crypto payments.

President Vladimir Putin has officially signed a bill banning the use of digital assets for payment in the country. This action solidifies the legal framework surrounding digital assets in Russia, distinguishing between their potential as investments and their prohibited use as a medium of exchange.

Stay tuned for further updates as the bill progresses through the legislative process. We will continue to provide insights into Russia's evolving crypto regulations and their impact on the global digital asset market.

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