According to a policy amendment issued on Thursday, Russia’s President Vladimir Putin has signed legislation prohibiting digital payments across the country.
On July 8, the Russian Assembly, known as the Duma, approved the law.
It prohibits the use of digital securities and utility tokens as a form of payment in Russia for goods, services, and products.
The amendment supplements the previous digital asset law drafted in 2020, which prohibited the use of cryptocurrencies in payments.
Russia’s Ministry of Finance introduced a bill to parliament in February that would regulate cryptocurrencies in the country.
This is in contrast to the Bank of Russia’s position, which has advocated for the prohibition of a crypto activity.
This year, Russia has come under fire for allegedly using cryptocurrencies to avoid sanctions following its invasion of Ukraine.
