Russia bans crypto payments for goods and services

(Kitco News) Russian President Vladimir Putin has signed a law amending an existing ban on cryptocurrency payments by adding tokens to the list.

The new amendment prohibits the use of security tokens, utility tokens and NFTs (non-fungible tokens) as payment methods for goods and services in Russia.

The previous ban specified that only “payment tokens” were not allowed as a digital payment instrument, but that was considered inadequate, the Russian media group RBC reported.

Putin signed the law on Friday and approved the domestic ban.

The law prohibits the transfer or acceptance of digital financial assets in consideration of the transferred goods, the performed works, the services provided, and any other means of accepting payment for the goods (works, services). Digital financial assets, unless otherwise provided by federal law. “

Previously, due to sanctions, Russia permits the use of cryptocurrencies For international payments, especially when it comes to settling payments for global trade.

“The idea of ​​using digital currencies for international payment transactions is being actively debated,” said Ivan Cheveskov, head of the Treasury’s financial policy department, Interfax.

In May, Russian Minister of Industry and Trade Denis Manturov also Russia has publicly announced that it is only a matter of time before it legalizes cryptocurrencies as a payment method...

“The question is, when this happened, how it will be regulated now that the central bank and the government are actively working,” Manturov said in an educational event entitled “New Horizons.” I did. Sooner or later this will be implemented in some form. ”

There is ongoing debate within the Russian government on cryptographic regulations. In January, the Central Bank of Russia proposed a complete crypto ban, including payments and investments.

However, in February, the Russian Ministry of Finance proposed a draft cryptographic regulation that would allow investment in digital assets.

Disclaimer: The views expressed in this article are those of the author, Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided. However, neither KitcoMetals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It does not solicit the exchange of commodities, securities or other financial products. Kitco Metals Inc. and the authors of this article are not responsible for any loss and / or damage caused by the use of this publication.

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