Russians will soon no longer be allowed to use digital assets as a payment method. According to Engadget, the Russian president has signed a bill banning the use of digital assets such as cryptocurrencies and NFTs to pay for goods and services. Additionally, the new bill requires cryptocurrency exchanges and providers to reject transactions that could interpret digital transfers as a form of payment.
The new Act stipulates:
The transfer or acceptance of digital financial assets as consideration for transferring goods, performing works, providing services, and in any other way allowing people to pay for goods (works, services) through digital financial assets is prohibited, unless otherwise provided by federal law.
IT House understands that in 10 days, the bill will go into effect and will ban cryptocurrency payments in Russia. Still, according to Decrypt, Russians can still invest in cryptocurrencies like Bitcoin. The Central Bank of Russia has called for an outright ban on cryptocurrencies, but it appears to have not materialized.
NFT, the full name of Non-Fungible Token, refers to non-fungible tokens, currently popular in various digital artworks, and is the only cryptocurrency token used to represent digital assets.
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