Vladimir Putin signs bill banning digital assets as payments into law

Russia's parliament is also considering two other bills related to digital assets: regulating the activities of minors and requirements for companies managing digital assets. crypto transactions.

Russian President Vladimir Putin has signed a bill banning digital financial assets as payments more than a month after it was introduced in the country's lower house of parliament.

In an update Thursday, Russia's State Duma noted that Putin had signed a bill suspending parts of an existing federal law "on banks and banking activities", thereby making it illegal to use of cryptocurrencies to pay for goods and services. The initial draft law of June 7 specified "prohibition of introducing other currency units or currency substitutes into the territory of the Russian Federation".

The Duma speaker approved the bill on June 8, and following revisions and other considerations, the upper house of parliament, the Federation Council, approved the legislation on July 8. Under the Constitution of the Russian Federation, all bills must be approved by both houses before being signed into law by the President.

Cointelegraph reported in June that the bill introduces the concept of an "electronic platform" - a financial platform, investment platform or information system in which digital financial assets are issued. Under the recently passed law, these platforms will likely be required to submit transactions and actions to the register of the Russian central bank as part of the national payment system.

Related: Russian State Duma passes bill to scrap VAT and reduce tax rates on sales of digital assets...