Russian people cannot use any digital assets as a form of payment, as Russian President Vladimir Putin just signed a new bill into law prohibiting the use of digital assets like crypto and NFTs to pay for goods and services. This law will also require crypto exchanges like Coinbase to refuse transactions in which digital assets can be interpreted as a form of payment.
The new law states: “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.”
Even though Bitcoin is going up and many Russian countries are using cryptocurrencies to circumvent these sanctions imposed by the West, Russian authorities are still not comfortable with digital assets as the Central bank is calling for an outright ban on cryptocurrency. That did not happen because Russia’s finance ministry was opposed to this idea, believing it was necessary to allow the new crypto tech to develop. But now, within the next 10 days, this law is taking effect and it will make paying with crypto illegal in the country.
