Russia Bans Digital Payments with a New Law

Russia President Vladimir Putin has signed a law banning digital payments across the nation, according to a policy amendment on Thursday.

The law was approved by the Russian Assembly, known as the Duma, on July 8.

It bans the use of digital securities and utility tokens as a means of payment for goods, services and products in Russia.

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The amendment adds to the previous digital asset law drafted in 2020, which banned cryptocurrencies from being used in payments.

In February, Russia's Ministry of Finance introduced a bill to parliament that would regulate cryptocurrencies in the country.

This is in contrast to the view of the Bank of Russia​, which has pushed for crypto activity to be banned.

Russia has come under scrutiny this year for its alleged use of cryptocurrencies to evade sanctions following its invasion of Ukraine.

Source: CoinDesk