Cryptocurrency Payments Banned in Russia

Russian President, Vladimir Putin, signed a law that prohibits the use of cryptocurrencies in Russia to pay for goods and services. In addition, definitions were given to the concepts of “digital financial assets” (DFA) and “digital currency”, the official portal of legal information reported.  

It is noted that digital currency can be accepted as a means of payment that is not a monetary unit of Russia or another state, as well as an investment. In turn, the issue, accounting, and circulation of digital rights are possible only by making entries in the information system based on a distributed register. The law also prohibits advertising of payment methods in digital currency in the country.

Russians will be able to purchase digital financial assets from credit institutions, but only if they were issued within the framework of Russian legislation. According to the document, domestic banks and exchanges can become operators of the exchange of CFA with the right to conduct transactions of purchase and sale and exchange of such assets. Moreover, for these actions, they must be included in a special register of the Central Bank of Russia.

Ru-Main, 01.08.2020 

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