President Putin Signs Law Banning Crypto as Payments in Russia

July 17, 2022

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Following the approval by the State Duma on July 8, President Putin has signed a law that prohibits the use of digital currencies as payments in Russia, leading to discussions on whether crypto is actually meant for communists.

The newly signed law banned all forms of payments with cryptocurrencies in exchange for the purchase of goods, products, and services in Russia.

The approved law is an amendment to earlier law in Russia that suggests crypto to be a kind of property that can not be used as a means of payment.

Contrary to the move of some countries to ban crypto, crypto has been a savior for countries like Ukraine, especially since its invasion by Russia, we have witnessed many companies globally accepting crypto as payment for goods and services, making it more evident that crypto has come to stay, be miles ahead of others through the information and education from MyCryptoParadise experts, join our ParadiseFamilyVIP using promo code PRO20% for your special 20% discount before the promo expires.

In contrast to the Russia Central Bank move for the ban of crypto in the country, the Russian finance ministry earlier this year pushed for crypto adoption in the country.

Russia has been under heavy sanctions since its invasion of Ukraine, many crypto companies like Bitmex, and Coinbase have announced their intentions to comply with the EU economic sanctions.

Vladimir Putin meanwhile expressed enthusiasm for Bitcoin mining in January this year.

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