Russia’s State Duma bans payments for goods and services using digital assets

The law will come into force from the date of its official publication, and the changes will take effect 10 days later

06.07.2022 - 16:25

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What’s new? The Russian State Duma passed a law on the regulation of the circulation of digital financial assets (DFAs), which provides for a ban on payments for goods and services with them in the country. The law will come into force from the date of its official publication, and the changes will take effect 10 days later, Prime news agency reported.

Information on Prime's website

What is the essence of the law? The document was developed to prevent the use of digital assets as a means of payment. According to the authors, it will increase the investment attractiveness of the use of digital rights for business, for which the procedure of settlements on transactions carried out using an electronic platform in which such assets are issued is optimized.

According to the law, transfer or acceptance of DFAs and utilitarian digital rights in the form of payment for goods, works and services is prohibited. The exceptions are cases provided for by federal laws. The transfer or acceptance of cryptocurrencies as payment is already prohibited in Russia.

After the law enters into force, the Bank of Russia may create a register of operators of electronic platforms, as well as influence them in case of violations of the law “On the national payment system.” If an operator is excluded from the register, it will not be able to carry out settlements on transactions made with the use of an electronic platform.

Earlier, Anatoly Aksakov, Chairman of the Committee on Financial Markets of the State Duma, said that Russian lawmakers would start working on legalization of digital ruble as the third form of money in the fall of 2022, the asset would be used as a means of payment in a distributed ledger.

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