Russian President Vladimir Putin has signed a law ratifying the ban on the use of bitcoin (quotation BTC) and cryptocurrencies to make payments for goods and services on Russian territory.
The law was created with the aim of "increasing the attractiveness of investments in the use of digital rights by businesses, as well as preventing the use of digital assets as a means of payment", the news agency reported. RIA Novosti.
The approved legislation was presented to the lower house of the Russian parliament on July 7 by the chairman of the Financial Market Committee, Anatoly Aksakov.
The text does not prohibit investments or purchases of digital assets on bitcoin and cryptocurrency platforms or service providers. In addition, it provides for the creation of a registry for cryptocurrency exchanges and operators that will be managed by the Bank of Russia.
These measures appear to be a ratification of a law with similar intentions, which entered into force last year. The intent appears to be to curb the growing pro-bitcoin position of several members of the Russian government, especially after the outbreak of the war between Russia and Ukraine.
Indeed, Russian Prime Minister Mikhail Mishustin expressed his position by assuring that the time has come to integrate cryptocurrencies into his country's economy, as reported by CryptoNews.
Some experts argue that bitcoin could act as an escape valve for sanctions imposed by the United States and Europe.
The Bank of Russia does not want bitcoin, at least in the domestic market
For several months, the Bank of Russia has expressed its disagreement on the inclusion of bitcoin and cryptocurrencies in the Russian financial system. This position seems to carry more weight, given the passage of the law.
The first vice president of the Central Bank, Ksenia Yudaeva, went so far as to say that it is impossible to use cryptoassets to circumvent the financial restrictions imposed following the war with Ukraine. Also in January of this year, the financial institution recommended banning Bitcoin trading and mining.
This stance on bitcoin could only have been eased in the foreign trade sector. The head of the financial institution, Elvira Nabiullina, said she agrees that cryptoassets should be used to pay for international commitments. This is in consideration of the liquidity "limitations" to which its traditional payment system is subject.