adobestock 441374191 Russia Outlaws Use of Crypto and NFTs for Payments

Russia Outlaws Use of Crypto and NFTs for Payments

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-In February, Vladimir Putin signed a bill into law banning the use of digital securities and utility tokens as payment methods in Russia.
-The move prohibits digital securities and utility tokens serving as a payment method.
-The bill also bans “the use of digital assets, such as cryptocurrency and NFTs, to pay for goods and services.”
-Although users can still purchase crypto in Russia, the change now means that they cannot use the digital currencies to pay for services or products.
-In January, Putin boasted about Russia’s competitive advantages in the crypto industry, referring to the country’s energy surplus and “well-trained personnel” that carry out Bitcoin mining.
-A month later, the Ministry of Finance unveiled a parliamentary bill providing a framework for cryptocurrency regulation.
-Despite the pro-crypto stance of the government, however, the Bank of Russia has maintained a defiantly anti-crypto attitude, clamoring for its outright ban.
-Russia’s invasion of Ukraine in February sparked an exodus of crypto companies away from the sanctions-battered federation.
-Some of the world’s largest crypto exchanges, including Binance and Coinbase, restricted Russian customers from using their services to comply with new American and European rules.
-The Ukraine war has also ignited outside concern about how Russia might use crypto as a tool to evade sanctions.

 

 

adobestock 441374191 Russia Outlaws Use of Crypto and NFTs for Payments
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