Just-In: Russian President Signs Bill To Ban Digital Assets Payments In Russia
Per Bitcoin.com, Russia’s Head of State Vladimir Putin, recently signed a bill that seeks to ban payments with digital financial assets (DFAs) into law. The State Duma noted this on Thursday, this move makes the use of digital assets to buy goods and services illegal.
Crypto restrictions intensifies in Russia
Following a series of crypto regulatory actions in the Russian state, the country’s authorities have once again shown disapproval for the use of cryptocurrencies and other digital assets by illegalizing digital financial assets (DFAs) as a payment means, the ban also applies to utilitarian digital rights (UDRs).
The new law however doesn’t adequately cover cryptocurrencies, only the law on DFAs, according to the State Duma. In the past, Russian authorities have indicated that DFA encompasses cryptocurrencies while UDR applies to various tokens.
The law also allows operators of platforms offering exchange services to reject any transactions that can aid the use of DFAs to substitute the Russian ruble as a payment method. The new legislation will take effect 10 days after its publication in Russia’s government gazette
Russia ups crypto transactions monitoring with new upgrade
Rosfinmonitoring, Russia’s financial monitoring agency has said it will be upgrading its crypto transactions tracking method, according to Reuters.
The Country already picked out some criminal cases involving crypto, and is moving to see to the end of this. Rosfinmonitoring’s head Yuri Chikhanchin said the agency is on the lookout for transactions and blockchains that are currently hidden.
It is very difficult when cryptocurrency accounts go into the unregulated zone and we don’t understand who is on the other end, Chikhanchin said. But I think we will still solve this task.
The head of Russia’s financial committee in the State Duma Anatoly Aksakov, relayed that a draft legislation on regulating cryptocurrencies would be submitted later in the year.
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Hashdex Adds Cardano to Crypto Index Fund as ADA Gains SEC Listing Eligibility
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
