Copy link
Increase text size
Decrease text size
Link copied

Russia bans the use of Bitcoin, Ethereum, NFTs and other digital assets for payments of goods and services

Russian President Vladimir Putin has signed into a law a bill that bans the use of digital assets, including cryptos such as Bitcoin (BTC), Ethereum (ETH) and non-fungible tokens (NFTs), as payment for goods and services in the country.

Image by: Wikimedia Commons

Mon, 18 Jul 2022, 11:14 am UTC

Russian President Vladimir Putin has signed into a law a bill that bans the use of digital assets, including cryptos such as Bitcoin (BTC), Ethereum (ETH) and non-fungible tokens (NFTs), as payment for goods and services in the country. This means that while Russian crypto investors can still buy and sell BTC, ETH and other tokens, no establishment will accept them as payment.

On Friday, President Putin signed a law that prohibits the use “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,” according to Protocol.

This means that non-fungible tokens (NFTs) and cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) are effectively banned from being used as a payment method within the Russian Federation. The ban likewise applies to utilitarian digital rights (UDRs), according to Bitcoin.com.

The bill was submitted to the State Duma, the Russian parliament’s lower house on June 7 by Anatoly Aksakov, the Chairmand of Financial Market Committee. The legislation also requires crypto exchanges and crypto services providers to refuse transactions in which crypto could be construed as a form of payment.

Until now, the use of digital assets for payments was not explicitly prohibited by law. The new legislation will take into effect ten days after its publication.

Various government agencies have been at odds when it comes to cryptocurrencies. While some prefer to regulate digital currencies, there are those that want to impose an outright ban on crypto.

For instance, the Central Bank of Russia called for a crypto ban in January this year. However, the Ministry of Finance is opposed to an outright ban and stated that “regulation is sufficient to protect our citizens.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

  • Bitcoin (btc) $20,044.00 (+5.25%)
  • Ethereum (eth) $1,370.55 (+3.69%)
  • USD Coin (usdc) $0.999718 (+0.07%)
  • BNB (bnb) $281.05 (+2.65%)
  • XRP (xrp) $0.468593 (-0.86%)
  • Bitcoin (btc) $20,044.00 (+5.25%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.