Russia Bans Payments with Digital Financial Assets
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July 7, 2022

Russia's parliament yesterday adopted a law banning payment for goods and services with digital financial assets.

In order to implement the restrictions, the operators of digital asset exchanges must refuse transactions in which these assets are used as a means of payment.

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The ban on making payments with utility tokens may be lifted in "cases provided for by federal laws."

The introduced ban is expected to eliminate the risks of using digital assets as a substitute for money.

Russia adopted a law on taxation of digital financial assets at the end of June. The document does not affect cryptocurrencies.

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