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Vladimir Putin Bans Digital Payments in Russia

·1 min read

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.