Will Russia ban cryptocurrency?

Russian President Vladimir Putin today signed into law a national ban on using digital assets for payments. The action comes after the Russian government and central bank have long debated what to do about cryptocurrency. Back in January, the Bank of Russia proposed an outright ban on crypto —for payments or investments.

What is Russia's new digital payment law?

Russia President Vladimir Putin has signed a law banning digital payments across the nation, according to a policy amendment on Thursday. The law was approved by the Russian Assembly, known as the Duma, on July 8. It bans the use of digital securities and utility tokens as a means of payment for goods, services and products in Russia.

Will Russia's new crypto payment law affect the crypto market?

A leading Russian crypto blog channel named SelfInvestorz noted in a post that “experts agree that the new law will not have a significant impact on the market,” as crypto payments is a very small niche in Russia. Few if any Russian companies have pursued crypto payments-related initiatives.

Can Russians use cryptocurrencies & NFTS to pay for goods and services?

Russians will no longer be able to use cryptocurrencies and NFTs to pay for goods and services. People in Russia will soon no longer be allowed to use digital assets as a form of payment. Russian president Vladimir Putin has signed a bill into law prohibiting the use of digital assets, such as cryptocurrency and NFTs, to pay for goods and services.