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Vladimir Putin Signs Law Banning Digital-Asset Payments in Russia
He has signed a bill that adds to a previous prohibition against cryptocurrency payments in the country.
Updated May 11, 2023, 4:56 p.m. Published Jul 15, 2022, 4:34 p.m.
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.
- The amendment adds to the previous digital asset law drafted in 2020, which banned cryptocurrencies from being used in payments.
- In February, Russia's Ministry of Finance introduced a bill to parliament that would regulate cryptocurrencies in the country.
- This is in contrast to the view of the Bank of Russia, which has pushed for crypto activity to be banned.
- Russia has come under scrutiny this year for its alleged use of cryptocurrencies to evade sanctions following its invasion of Ukraine.
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UPDATE (Sept. 5, 13:59 UTC): Rewrites headline to narrow focus of banned assets
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