Russian President Vladimir Putin has signed a new law that prohibits the use of cryptocurrencies to purchase goods and services.
The law forbids the use of digital assets, such as cryptocurrencies and non-fungible tokens (NFTs) and bans their use as a means of payment.
Under the new law, cryptocurrency exchanges will need to turn down transactions if they are made instead of FIAT payments.
However, the law is not a blanket ban and consumers in the Russian Federation may continue to purchase Bitcoin, albeit no vendor would accept a transaction in digital currency to buy groceries, for example.
Cryptocurrencies are a sensitive topic for the country. The US and the European Union have raised concerns that since February 23, when Russia attacked neighboring Ukraine, cryptocurrencies may have been used to circumnavigate financial penalties imposed by the West.
This comes amid an even more pronounced mistrust of cryptocurrencies in Russia. The country’s central bank has called for a ban on cryptocurrencies, although the Ministry of Finance has objected and said that cryptocurrencies need to be allowed to exist so the country may continue to innovate and develop the underpinning technology.
Cryptocurrencies are the topic of regulators around the world. The G20 recently confirmed that regulators would need to act together in order to create a stable regulatory framework, a sentiment shared by many regulators globally.
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