Putin Signs a Bill into Law to ban Crypto Payments in Russia

Russians will no longer be allowed to use cryptocurrencies or NFTs to make payments for goods and services as per the law signed on Friday by the Russian President.

The legislation will prohibit the transfer or acceptance of” digital financial assets as 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,” effectively banning the use of digital assets for payments.

The new law is set to take effect in 10 days.