Russia is one of the first countries that come to mind when it comes to cryptocurrencies, especially recently. Faced with many embargoes after the invasion of Ukraine, Russia’s use of cryptocurrencies as a way out has been widely publicized many times.
It has been revealed in previous statements that Russian President Vladimir Putin has adopted a more liberal approach on this issue and is against the bans.
But with the latest development, Putin signed the law banning the use of cryptocurrencies for goods, services and businesses.
While the Central Bank of Russia has long wanted to ban payments with cryptocurrencies, the Russian Ministry of Finance was objecting to this decision. However, it was given by Vladimir Putin until the last.
The new legislation is expected to enter into force 10 days after its publication in the official gazette.
A similar practice in our country entered into force last year and any commercial transaction with cryptocurrencies was prohibited.