Putin Bans Crypto Payments in Russia

[Maniés]

Russian President Vladimir Putin signed into law a national ban on using digital assets for payments.

The law, published on the Russian parliament website and translated tells:

“It is prohibited to transfer or accept 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.”

Since the war against Ukraine, Russia has been in the crypto spotlight. As a result, big crypto companies, like Binance and Coinbase, said that they will comply with U.S. or E.U. laws on limiting Russians using exchanges.

President Putin showed his enthusiasm for mining Bitcoin back in January, when he said that Russia had “certain competitive advantages” including a “surplus of electricity and well-trained personnel available in the country” to mine the currency.

[Sumit]

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