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Russian President Vladimir Putin Signs Law Banning Payments in Cryptocurrency

By Shane Trejo 

 

Russian President Vladimir Putin has signed a law banning payments in Bitcoin and other cryptocurrencies.

The law bans the use of digital financial assets and digital utility rights from being used to purchase goods, products or services throughout all of Russia. The law will also compel crypto exchanges to deny transactions that make it possible for assets to be used in a monetary fashion. The exchanges will be under direct oversight from the Russian financial regulatory system now.

“It is prohibited to transfer or accept digital financial assets as a 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,” the law states.

 

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