Russian President Vladimir Putin has signed a invoice into legislation prohibiting digital monetary belongings as funds greater than a month after it was launched to the nation’s decrease chamber of Parliament.
In a Thursday replace, the Russian State Duma famous that Putin signed a invoice suspending sure components of an present federal legislation “on banks and banking activities,” successfully making it unlawful for folks to make use of cryptocurrencies to pay for items and companies. The preliminary draft of the invoice from June 7 specified the “prohibition against the introduction of other monetary units or monetary surrogates on the territory of the Russian Federation.”
The Duma chair permitted the draft invoice on June 8, and following revisions and different issues, the higher chamber of Parliament, the Federation Council, permitted the laws on July 8. Under the Constitution of the Russian Federation, all payments should be permitted by each chambers earlier than being signed into legislation by the president.
Cointelegraph reported in June that the invoice launched the idea of an “electronic platform” — a monetary platform, funding platform or data system through which digital monetary belongings are issued. Under the not too long ago handed legislation, these platforms will possible be required to submit transactions and actions to the Russian central financial institution’s registry as a part of the nationwide funds system.
Related: Russian Duma passes invoice to take away VAT, decrease revenue tax charges on digital asset gross sales
Russia’s Parliament is at present contemplating two different payments associated to digital belongings. One will doubtlessly regulate crypto miners’ actions within the nation, requiring them to comply with a sure process to register as sole proprietors or self-employed. Another, named “on digital currency,” proposed necessities for corporations dealing with digital asset transactions, together with licensing and disclosure about dangers and knowledge privateness.