HomeBitcoinVladimir Putin enacts a law prohibiting the use of digital assets for...

Vladimir Putin enacts a law prohibiting the use of digital assets for payments.

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The Russian Parliament is also debating two other legislation pertaining to digital assets, one governing the operations of miners and the other establishing standards for businesses that handle cryptocurrency transactions.

More than a month after it was proposed to the lower chamber of Parliament in Russia, President Vladimir Putin signed a bill outlawing the use of digital currency as payment.

The Russian State Duma reported on Thursday that Putin had approved a bill suspending some provisions of an existing federal law “on banks and banking activities,” thus outlawing the use of cryptocurrencies as a form of payment. The “prohibition against the introduction of other monetary units or monetary surrogates on the territory of the Russian Federation” was stated in the first text of the bill on June 7.

The Duma chair approved the draft bill on June 8, and the Federation Council, the upper body of Parliament, passed the legislation on July 8 after amendments and other considerations. According to the Russian Federation’s Constitution, all bills must have consent from both chambers before the president can sign them into law.

The term “electronic platform”—a financial platform, investment platform, or information system in which digital financial assets are issued—was first used in the bill’s introduction in June. These platforms will probably be compelled under the newly passed law to submit transactions and activities as part of the national payments system to the registry of the Russian central bank.

Two other proposals pertaining to digital assets are now being debated in the Russian Parliament. One may control the operations of cryptocurrency miners in the nation by requiring them to adhere to a specific registration process in order to register as sole proprietors or self-employed. Another, titled “on digital money,” suggested guidelines for businesses conducting transactions involving digital assets, such as licensing and disclosure of risks and data privacy.

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