Russia Passes Law to Regulate Crypto Exchanges, Keeps Payment Ban in Place
New crypto regulations have been signed into law. But citizens in the country won’t be able to buy coffee with Bitcoin anytime soon.
This post Russia Passes Law to Regulate Crypto Exchanges, Keeps Payment Ban in Place first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
Bitcoin Magazine
Russia Passes Law to Regulate Crypto Exchanges, Keeps Payment Ban in Place
Russian President Vladimir Putin has reportedly signed a law to set in stone the regulation of digital currencies and digital rights in the country — but citizens won’t be using Bitcoin to pay for goods just yet.
News agency Tass reported Tuesday that the new law will allow only registered entities to operate as exchanges, and puts limits on the amount of crypto retail investors can use.
For now, retail investors are limited to trading most liquid cryptocurrencies, capped at 300,000 rubles ($3,700) per year. Qualified investors have no restrictions, according to the report.
But the new law still prohibits digital currencies and digital rights as a means of payment or legal tender within Russia. Using crypto has been illegal in Russia as a form of payment since 2022.
According to the report, Russians can use digital currencies to pay for settlements under foreign trade contracts between residents and non-residents or for those involved in crypto mining.
Russian regulators, lawmakers and the central bank have been over the past few years trying to set in stone clear rules for digital assets.
The news that digital currencies can’t be used as payments may come as a surprise to those who have heard President Putin talk about Bitcoin.
Back in 2024, the Russian leader seemed to speak highly of Bitcoin, saying that new technologies were emerging that could help people move money.
“For example, Bitcoin, who can ban it? Nobody,” he said.
BREAKING:
Russian President Putin says “Who can ban #Bitcoin? Nobody.” pic.twitter.com/6mJ664BZZ8
— Bitcoin Magazine (@BitcoinMagazine) December 4, 2024
The president has also spoken about how the country has “competitive advantages” when it comes to Bitcoin mining due to the abundance of cheap energy in Russia.
But Russian lawmakers want to retain a tight grip on citizens’ spending; the use of digital currency has been for years permitted for international payments — most likely as a way to dodge Western sanctions.
This post Russia Passes Law to Regulate Crypto Exchanges, Keeps Payment Ban in Place first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
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