Russia’s New Crypto Law May Ban Bitcoin (BTC) Payments

A new bill from the State Duma could ban any form of cryptocurrency payments in Russia.

What happened: Under a new piece of legislation introduced by Anatoly Aksakov, the head of Russia’s lower chamber of parliament, any form of “digital financial assets” will be banned as a means of payment in the country.

“The ruble is the official currency (currency) of the Russian Federation. The above article prohibits the introduction of other monetary units or monetary surrogates into the territory of the Russian Federation,” Aksakov wrote.

To be passed, the bill must pass through three stages in the State Duma, after which it is sent to the Federation Council for final approval and then to President Vladimir Putin’s office.

Last year, Putin said he believes cryptocurrency has a right to exist and can be used as a means of payment.

The country’s finance ministry believes in imposing regulations on the sector, while the central bank is in favor of a total ban on its use in the country, although it is not opposed to its use in international transactions.

Earlier this month, Benzinga reported that Ksenia Yudaeva, the first deputy governor of Russia’s central bank, said she has no objection to the country’s citizens using crypto for payments outside the country.

Russians have been active traders in Bitcoin BTC/USD, Ethereum ETH/USD, Dogecoin DOGE/USD and other cryptocurrencies. A recent report found that 2% of Russia’s total electricity goes to crypto mining.


Price Action: According to data from Benzinga Pro, Bitcoin was trading at $30,262 in the past 24 hours, down 2.73%.

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