Will Russia ban cryptocurrency payments?

Russian President Vladimir Putin is singing into law a bill that bans cryptocurrency payments in Russia. The bill implicitly strikes down the possibility of a Russian central bank digital currency (CBDC) as well. The legislation does not ban crypto mining, something which Putin has embraced in recent months.

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.

How do Russia's crypto sanctions affect Russian citizens?

The sanctions greatly affect Russian citizens, like Shkolina, who live in the EU. The goal of the restrictions on crypto is to stop sanctioned Russians from finding loopholes to move money out of Russia to the West. But it turns out, within Russia crypto can flow relatively freely.

What's happening with Crypto in Russia?

The crypto conversation in Russia has been rich this year. In January, government officials began to seriously weigh the value and risks present in the industry. Talks of the usefulness of a state stablecoin, crypto mining, crypto as payments and more started to take off.