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Law and Crypto

Russia Has Issued a New ‘Crypto Payments Ban

What's in this article

Vladimir Putin, the president of the aggressor state of Russia, has signed a new law that will ban the use of cryptoassets and other “digital assets” in the payments space – even though crypto pay is already illegal in the country.

The use of cryptocurrencies as a means of payment was prohibited in January 2021, when Law 259-FZ (which passed the State Duma in mid-2020) was officially adopted in Russia.

The new law, which comes into force at the end of this month, does little but reinforce Law 259-FZ. It does, however, contain more detail and does away with some of the sometimes confusing and vague terminology used in the 2021 law.

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Russia

The outlawing of crypto payments is the only crypto-related point upon which the Ministry of Finance and the Central Bank actually agree. The ministry, which has created a bill aimed at regulating crypto, would like to legalize the industry, while the Central Bank favors a total ban. Lawmakers will hope that now that the ban on crypto payments has been reinforced, the two parties will hurry up and reach a compromise on crypto policy.

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Part of the new law: No product, business or service can be exchanged for crypto assets or other forms of digital payment.

The young Russian crypto blogger said:

Since crypto investors in Russia are small and large companies do not accept crypto as a means of payment anyway, the law will not have a big impact on the market.

He said that the law will have a positive effect on the use of the ruble as the only legal means of payment in Russia. The same blogger wrote that the development is both good and bad news for crypto advocates. He said that regulations always heralded stability and led to developments in that area . He said that there may be taxes, prohibitions, obstacles and restrictions that the states will take.

Interesting Research

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Research

According to a study conducted in Russia, they said that crypto is addictive like gambling and the number of people addicted to crypto is increasing in Russia. The average age of these addicts is 30. He said most addicts are turning to crypto after losing big money elsewhere. Most likely these addicted people think that crypto can give them back what they lost right away.

Guevara concluded that an “impulsive desire” to take crypto-related “actions” encourages some trading addicts to chase away the “feelings of euphoria and excitement” often associated with buying and selling tokens.

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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