In Russia, it is no longer possible to pay for products and services using digital assets or cryptocurrencies.
A law that bans the use of digital assets, such as cryptocurrencies like Bitcoin or Ether, to complete transactions was signed by Russian President Vladimir Putin.
The use of digital securities and utility tokens as a form of payment in Russia is prohibited by law. Any transactions where digital transfers are regarded as payment must be prohibited by cryptocurrency exchanges.
The Russian government was not particularly in favor of crypto since the beginning. The Russian Central Bank demanded a complete ban on cryptocurrencies. That probably didn’t happen because Russia’s Finance Ministry rejected the notion and thought it was important to foster the growth of crypto technology.
The “prohibition against the introduction of other monetary units or monetary surrogates on the territory of the Russian Federation” was stated in the initial form of the law, which was introduced on June 7th.
The law was approved by the Duma, the Russian assembly, on July 8 and then signed by the president. The new law will go into effect in ten days and will outlaw the use of cryptocurrency in the nation.