Putin Signs A Bill To Prohibit Payments Through Digital Assets

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Putin Signs A Bill To Prohibit Payments Through Digital Assets

More than a month after it was proposed to the lower chamber of Parliament in Russia, President Vladimir Putin signed a bill outlawing the use of digital currency as payment.

The restriction against the introduction of additional monetary units or monetary substitutes on Russian Federation territory was stated in the bill’s initial text.

Putin suspended some provisions of current federal law on banks and banking operations, according to the Russian State Duma, which effectively makes it unlawful for people to use cryptocurrencies as payment for products and services.

According to the Russian Federation’s Constitution, all bills must have consent from both chambers before the president can sign them into law.

These platforms will probably be compelled under the newly passed law to submit transactions and activities as part of the national payments system to the registry of the Russian central bank.

Two other proposals pertaining to digital assets are now being debated in the Russian Parliament. One may control the operations of cryptocurrency miners in the nation by requiring them to adhere to a specific registration process in order to register as sole proprietors or self-employed.

Another article on digital currency proposes regulations for businesses conducting transactions involving digital assets, including licencing, risk disclosure, and data protection.

The most recent Uniswap (UNI) chart pattern indicates that after rising by about 20% over the previous week, investors should be ready for a reversal.

More at: Cryptotraderpros.com

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