Russian President Vladimir Putin today signed into law a national ban on using digital assets for payments.
The action comes after the Russian government and central bank have long debated what to do about cryptocurrency.
Back in January, the Bank of Russia proposed an outright ban on crypto—for payments or investments. Today's law doesn't go quite that far. In February, Russia's Finance Ministry submitted a draft of cryptocurrency regulations to the government which, like the law enacted today, allows for investing in digital assets like Bitcoin or Ethereum, but not using them to buy things.
The law, as published on the Russian parliament website and translated by Google Translate, reads:
“It is prohibited to transfer or accept digital financial assets as a consideration for transferred goods, performed works, rendered services, as well as in any other way that allows one to assume payment for goods (works, services) by a digital financial asset, except as otherwise provided by...
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