President of Russia Vladimir Putinsigned a bill banning payments with digital assets. The law in question; It forces exchange operators to refuse to process transactions that facilitate the use of DFAs as “monetary proxies,” a legal category currently encompassing cryptocurrencies.
Russian President Vladimir Putin has officially signed a law that directly restricts the use of digital financial assets (DFA) as a means of payment in his country, RBC reported. The ban will also apply to utilitarian digital rights (UDRs).
Russia, cryptocurrency One of the countries that has not comprehensively regulated itsDigital Financial Assets Law“It brought with it two legal requirements. Russian officials have stated in the past that DFA covers cryptocurrencies, while UDR applies to various tokens. This fall, Russian lawmakers will review a new bill “On Digital Currency” designed to fill regulatory gaps.
The law, approved by the Head of State, Anatoly Aksakov, Chairman of the Financial Markets Committee It was submitted to the State Duma, the lower house of the Russian parliament, on 7 June, and was adopted only a month later. So far, Russian law has not explicitly prohibited payments with digital assets, but “monetary proxies” have been banned and the status of the ruble as the sole legal means of payment has been made clearer and stronger by law.
The bill in question prohibits the exchange of DFAs “for movable goods, work done, services rendered,” while leaving the door open for DFA payments stipulated in other federal laws. While expanding financial restrictions continue as part of Western sanctions over the invasion of Ukraine, small-scale foreign trade with Russia’s partners continues. crypto paymentsThe proposal to legitimize the law is gaining support in Moscow.
In addition to banning direct payments with digital financial assets, the bill also compels platform operators that offer exchange services to refuse any transaction that could lead to the use of DFAs to replace the Russian ruble as a means of payment. The law will enter into force 10 days after its publication in the official gazette. Regarding the exemption option in the application, the RBC report notes that Russian legal experts have already highlighted certain controversies in the document.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.