Russia Will Ban Bitcoin - 10 more days until the law comes into force!

7/15/2022, 09:15 PM
Russia Will Ban Bitcoin - 10 more days until the law comes into force!
Today, Vladimir Putin signed a law banning cryptocurrencies. The law prohibits exchange operators from processing transactions with digital currencies.

The law was submitted by the Chairman of the Financial Markets Committee, Anatoly Aksakov, on June 7th. Now, one month later, it has been signed. This is not the first time that the Russian Central Bank has speculated about a ban on cryptocurrency mining. However, a complete ban on digital assets is new.

BTC FORBIDDEN While the legislation forbids the use of digital financial assets to pay for “transferred goods, performed works, rendered services,” it leaves room for other use cases of DFA payments.

Earlier this month, the Russian financial regulator said it was willing to accept the use of digital assets for settlements with international partners. Following the ban on DFA payments, Russia’s lawmakers continue to work on other legislation targeting digital assets. The agency said last week it plans to improve the capabilities of its crypto monitoring service amid the ongoing “cryptomania.”

It is prohibited to transfer or accept digital financial assets as a consideration for transferred goods, performed works, rendered services, as well as in any other way that allows one to assume payment for goods (works, services) by a digital financial asset, except as otherwise provided by federal laws.

The law is set to go into effect in 10 days. It is unclear how effective a ban will be in preventing Russian citizens from trading in Bitcoin.

Feel free to study the first hand source of information, the russian enactment writen one month ago and signed today: Russian enactment.