The President of Russia, Vladimir Putin has approved a legislation prohibiting the use of crypto and NFTs as forms of payments in Russia. The new law will come into effect in 10 days.
The bill was approved on Friday and will reportedly prohibit the transfer or acceptance of “digital financial assets as a consideration for transferred goods, performed works, rendered services, as well as in any other way that allows one to assume payment for goods (works, services) by a digital financial asset, except as otherwise provided by federal laws.”
The new law has a provision requiring crypto exchanges and providers to refuse transactions in which digital assets could be construed as a form of payment.
There is also a reservation which allows the ban to be lifted in cases provided for by federal laws.
Anatoly Aksakov, the head of the legislature’s Committee on Financial Markets submitted the bill to the State Duma on June 7 and it was later signed into law by Putin.
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Russian leaders have been in an internal conflict trying to decide on the state of crypto in the country. While the Central Bank of Russia had called for a crypto ban in January, the Ministry of Finance opposed it, saying instead of that “regulation is sufficient to protect our citizens.”
Reportedly, this new law could finally put that conflict to rest or maybe suggest a new development.
