Bitcoin Gives Way To Ruble: Putin Signs Law Banning Crypto Payments In Russia
Bitcoin and other types of crypto has just been outlawed in Russia by no less than the commander in chief himself. A Russian legislative support system website said that on Saturday, Russian President Vladimir Putin approved a legislation setting immediate prohibitions on the use of digital financial assets as a payment method in the country. […]
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President Vladimir Putin of Russia has signed into law a bill banning payments with digital financial assets. The legislation obliges exchange operators to refuse to process transactions facilitating the use of DFAs, a legal category currently covering cryptocurrencies, as “monetary surrogates.”
President Putin Approves Legislation Banning Digital Asset Payments in Russian Federation
Russian President Vladimir Putin has signed a law imposing direct restrictions on the use of digital financial assets (DFAs) as a means of payment inside his country, the crypto page....
Russia’s monetary authority intends to conduct the first settlements with the digital ruble next year, its governor announced this week. Speaking to Russian lawmakers, the official highlighted the important role the new currency is going to play for Russia under sanctions. Russia to Trial Digital Ruble in Settlements, International Payments The full launch of the digital ruble, Russia’s central bank digital currency (CBDC), should take place before 2030, according to the approved Financial Market Development Strategy of the Ministry of Finance. However, the Central Bank of....
Yandex, Russia's largest search engine and internet services provider, recently expressed its interest in integrating bitcoin in its financial platform Yandex. Money. In doing so, it could allow merchants on this portal to accept bitcoin payments. This is particularly interesting because Russia is known for its hardline stance against bitcoin, even banning access to cryptocurrency-related websites in the past. To this day, Russian government officials and financial regulators have been warning the public about the risks of transacting using digital currencies. Bitcoin and Yandex. During....
The Central Bank of Russia and participating commercial banks want to test various types of payments with the digital ruble, the Russian press reported. The plan is to experiment with smart contracts and transactions related to real estate and crypto asset purchases.
Bank of Russia to Launch Smart Contracts on Digital Ruble Platform
Russia’s central bank intends to start implementing smart contracts with the digital ruble next April, the daily Izvestia unveiled this week, quoting the regulator. Until then, the new incarnation of the national fiat will be put to the test....
Users of Russia’s central bank digital currency are going to pay a fee for each transaction, a high-ranking representative of Bank of Russia has recently announced. The digital ruble charge, however, is not going to exceed those currently applied to fast payments in the country.
Bank of Russia to Charge for Digital Ruble Transfers
The Central Bank of Russia (CBR) is planning to impose fees on transactions with the digital ruble, revealed Kirill Pronin, director of the regulator’s Financial Technologies Department. The official emphasized that these commissions....