According to the Forbes report, the Russian government has enforced new crypto regulations in the country. Cryptocurrencies can be traded, but no goods and services in Russia are allowed to be priced in it, according to the new laws. If someone wants to buy something with Bitcoin, then he has to sell it for rubles first. Mati Greenspan, the founder at Quantum Economics, said that it’s not the warmest crypto regulations we’ve seen to date, but also not the coldest. He added, “In any case, it’s great that we’re finally getting more clarity regarding crypto laws around the world.”
Russian President Vladimir Putin signed the new cryptocurrency law.
The report stated that more clarity came out of the Kremlin on July 31 when Russian President Vladimir Putin signed the new cryptocurrency law. However, the law will go into effect in January 2021. According to the Russian news agency TASS report, the law defines cryptocurrency as “an aggregate of electronic data capable of being accepted as the payment means, not being the monetary unit of the Russian Federation or a foreign state, and as investments. Cryptocurrencies can not be used to pay for any goods and services.
Russia dropped its plans to criminalize the use of crypto.
As reported earlier, The Digital Financial Assets Bill (DFA), which was due to be read for the second time in the Russian parliament on July 21. The bill has removed references to administrative and criminal liability for dealing in bitcoin (BTC). A third and final reading on July 1 established as a law that will go into effect next year. Anatoly Aksakov, the head of the parliament’s financial markets committee, said that “there will be no liability in this bill.” He further revealed that the idea to penalize bitcoin investors with fines and jail terms had been set aside for the time being.
