It will be illegal in Russia to pay for goods or services using cryptocurrencies, NFTs. Vladimir Putin has also signed the corresponding law. However, it is still permissible to invest in digital currencies. The law was signed Friday and bans many digital currencies from being used in the federation as payment methods.
The ban covers Bitcoin and Ethereum. Anatoly Aksakov (chairman of the State Duma’s finance committee) introduced the bill in June. The law must be heard is to take effect on July 25, which will occur in just over one week.
It’s not surprising that Ban is a common theme
It is not surprising that cryptocurrency payments have been banned. At the start of this year, the Russian central bank had called for a ban to trading digital currencies. Arguments were made using similarities to illegal activities and pyramid schemes.
Additionally, cryptocurrencies could threaten the stability of the national currencies. The Ministry of Finance, however, has not responded to the request and believes the regulation is sufficient. The law does not apply to cryptocurrency payments. It is legal to invest in assets like Bitcoin or NFTs in Russia.
Many countries fear that Russia may use digital currencies to avoid financial sanctions in connection to the conflict in Ukraine. Although some platforms restrict Russian users’ activities, many others will allow them to be used.