Vladimir Putin Signs Law Banning Digital-Asset Payments in Russia

He has signed a bill that adds to a previous prohibition against cryptocurrency payments in the country.

AccessTimeIconJul 15, 2022 at 4:34 p.m. UTC
Updated May 11, 2023 at 4:56 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.
  • 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.

UPDATE (Sept. 5, 13:59 UTC): Rewrites headline to narrow focus of banned assets

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.