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Vladimir Putin has signed a bill that bans digital financial assets as payments into law. The legislation was initially introduced to the country’s lower house of Parliament According to an already existing legislation, employing DFAs as a payment method is illegal, but are not entirely prohibited. However, if approved by the Federal Council Lawmakers in the lower house of parliament, the State Duma, passed a cryptocurrency bill on Tuesday, as well as separate legislation regulating crypto mining. The After passage into law in Russia, the bill would force DFA managers to hold off on any deals, which could mean that crypto could be used as a substitute for money. On Tuesday, Anatoly Aksakov, the head of the Financial Markets Committee of the Russian parliament’s lower chamberthe State Dumaintroduced a bill that would It would be illegal to use “digital financial assets” (DFA) to pay for products or services if it became law. According to local media, the bill, which was sponsored by Anatoly Aksakov, the head of Russian lawmakers passed a bill on Wednesday to give cryptocurrencies legal status, but banned them from being used as a means of payment.

Russian Parliament Moves to Ban Crypto as Payment Method: What it Means for You

The Russian Parliament is considering a significant tightening of regulations surrounding cryptocurrency use. A new bill, recently introduced, aims to ban the use of cryptocurrencies as a means of payment within Russia, potentially impacting how digital assets are used in the country.

On Tuesday, Anatoly Aksakov, the head of the Financial Markets Committee of the Russian parliament’s lower chamber—the State Duma—introduced a bill that would make it illegal to use “digital financial assets” (DFA) to pay for products or services if it became law. This move builds upon existing restrictions, as Vladimir Putin has signed a bill that bans digital financial assets as payments into law. The legislation was initially introduced to the country’s lower house of Parliament.

According to an already existing legislation, employing DFAs as a payment method is illegal, but they are not entirely prohibited. This new bill seeks to close loopholes and further restrict the use of cryptocurrencies in everyday transactions. If approved by the Federal Council, the consequences could be far-reaching.

Lawmakers in the lower house of parliament, the State Duma, passed a cryptocurrency bill on Tuesday, as well as separate legislation regulating crypto mining. This demonstrates a multi-faceted approach to regulating the digital asset space in Russia. However, the current focus is clearly on restricting their use as a payment tool.

The bill, which was sponsored by Anatoly Aksakov, the head of Russian lawmakers, passed a bill on Wednesday to give cryptocurrencies legal status, but banned them from being used as a means of payment. The After passage into law in Russia, the bill would force DFA managers to hold off on any deals, which could mean that crypto could be used as a substitute for money.

This potential ban raises questions about the future of cryptocurrency adoption in Russia. While the country has shown interest in exploring blockchain technology and even creating its own digital currency, the government is wary of the risks associated with allowing widespread use of decentralized cryptocurrencies like Bitcoin and Ethereum as payment methods. The situation is constantly evolving, and its impact on the global crypto landscape remains to be seen.

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