Russia bans cryptocurrencies for goods and services
(Kitco News) Russian President Vladimir Putin has signed a law amending the existing ban on cryptocurrencies by adding more tokens to the list.
The new change bans the use of security tokens, tool tokens and NFTs (non-fungible tokens) as payment methods for goods and services in Russia.
The previous ban specified that only “payment symbols” were not allowed as a digital means of payment, which was seen as not enough, the Russian media group RBC reported.
Putin signed the law on Friday, approving the national ban.
According to the law: «It is forbidden to transfer or accept digital financial assets as consideration for transferred goods, work performed, services performed, as well as in other ways that make it possible to assume payment for goods (works, services) per. a digital financial asset, unless otherwise provided by federal law. “
Earlier, there were media reports that Russia would allow the use of cryptocurrencies for international payments due to the sanctions, especially when it comes to settling global trade payments.
“The idea of using digital currencies in transactions for international settlements is being actively discussed,” quoted Interfax Ivan Chebeskov, head of the Ministry of Finance’s fiscal policy department.
In May, Russia’s Industry and Trade Minister Denis Manturov also publicly announced that it was only a matter of time before Russia would legalize cryptocurrencies as a means of payment.
“The question is, when this happens, how it will be regulated, now that the central bank and the government are actively working on it,” Manturov said during an educational event entitled ‘New Horizons’. sooner or later this will be implemented, in some format. ”
There has been an ongoing debate in the Russian government regarding crypto regulations. Back in January, Russia’s central bank proposed a total cryptocurrency ban, including for payment and investment.
Nevertheless, in February, Russia’s Ministry of Finance proposed a draft cryptocurrency regulation, which allows investment in digital assets.
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