{"id":160467,"date":"2022-07-16T07:03:12","date_gmt":"2022-07-16T07:03:12","guid":{"rendered":"https:\/\/precoinnews.com\/?p=160467"},"modified":"2022-07-16T07:03:12","modified_gmt":"2022-07-16T07:03:12","slug":"its-official-president-vladimir-putin-signs-law-outlawing-crypto-payments-in-russia","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/its-official-president-vladimir-putin-signs-law-outlawing-crypto-payments-in-russia\/","title":{"rendered":"It\u2019s Official \u2014 President Vladimir Putin Signs Law Outlawing Crypto Payments In Russia"},"content":{"rendered":"

Russian President Vladimir Putin signed a bill that makes crypto payments illegal, which will be a blow to the $940 billion asset class in the world\u2019s 11th-largest economy.<\/p>\n

Putin Bans Domestic Crypto Payments<\/strong> <\/h2>\n

According to a policy amendment on July 14, a law making it illegal for people to pay for goods and services with cryptocurrencies was signed into law yesterday by President Vladimir Putin.<\/p>\n

Under the newly-passed law, which the Russian Assembly approved on July 8, cryptocurrencies and digital securities are no longer accepted as \u201cmonetary surrogates.\u201d They thus cannot be used as a means of payment. The law also forbids other monetary units, leaving the indefatigable ruble as the only accepted currency across Russia.<\/p>\n

Exchange operators and crypto-related businesses will be held responsible for any law violations. Such operators will be required to present transactions and other actions to the Russian central bank\u2019s registry as part of the national payments system and to prohibit the provision of leverage and yield products to their customers.<\/p>\n

The law further dictates that the government can confiscate financial assets sans the involvement or authorization of the crypto exchanges. Moreover, securities backing crypto and digital assets could be lawfully abrogated without informing the holders.<\/p>\n

Russia\u2019s Love-Hate Relationship With Crypto<\/strong><\/h2>\n

Government units and lawmakers have long struggled to reach a consensus on the acceptance and usage of cryptocurrencies within the Russian Federation. In other words, the country has had a complicated relationship with bitcoin.<\/p>\n

Russia initially floated a ban on crypto payments in 2020. The Bank of Russia also previously called for a blanket ban on using and mining cryptocurrencies. In May, however, the central bank confirmed that it wouldn\u2019t object to using cryptocurrencies for international transactions while still maintaining that they pose large risks for Russian citizens and the country\u2019s economic infrastructure.<\/p>\n

On the other hand, Minister of Industry and Trade Denis Manturov has affirmed that crypto payments would be legalized \u201csooner or later in one format or another.\u201d<\/p>\n

Russia has also come under the spotlight since the beginning of the war with Ukraine for its alleged use of cryptocurrencies to blunt the force of international financial sanctions levied against it.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Russian President Vladimir Putin signed a bill<\/p>\n","protected":false},"author":3,"featured_media":160466,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nIt\u2019s Official \u2014 President Vladimir Putin Signs Law Outlawing Crypto Payments In Russia - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/its-official-president-vladimir-putin-signs-law-outlawing-crypto-payments-in-russia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It\u2019s Official \u2014 President Vladimir Putin Signs Law Outlawing Crypto Payments In Russia - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Russian President Vladimir Putin signed a bill\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/its-official-president-vladimir-putin-signs-law-outlawing-crypto-payments-in-russia\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-16T07:03:12+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/07\/Its-Official-\u2014-President-Vladimir-Putin-Signs-Law-Outlawing-Crypto-Payments-In-Russia-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/its-official-president-vladimir-putin-signs-law-outlawing-crypto-payments-in-russia\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/its-official-president-vladimir-putin-signs-law-outlawing-crypto-payments-in-russia\/\",\"name\":\"It\u2019s Official \u2014 President Vladimir Putin Signs Law Outlawing Crypto Payments In Russia - 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