Russia says stop on cryptocurrency payments

Russia blocks cryptocurrency payments. The provision was approved in recent days with the new legislation that prohibits the transfer or accepting of digital financial assets as a form of payment for goods, services or works performed. Here are the details about the new legislation.

Russia says no to cryptocurrency payments: they cannot be used to pay for goods and services

The new law wanted by Vladimir Putin for Russia initiates a blocking of cryptocurrency transactions, which grew up in the country following the sanctions arrived from Western countries. The Russian Central Bank had already for some time exposed its position against cryptocurrencies and, in particular, against the birth of a digital ruble. In the meantime, however, the Russian Ministry of Finance intended to encourage the use of cryptocurrencies in the country but only after the definition of adequate legislation.

Now things have changed. Russia has passed a law that prevents the use of cryptocurrencies and NFTs for the payment of goods and services of any kind. It should also be noted that exchanges will have to refuse transfer requests that could be interpreted as a form of payment for a good or service. The new law is based on a proposal submitted to the Duma as early as last June. The blockade is set for entry into force next week.