Here’s Why Russia Has Issued a New ‘Crypto Payments Ban’

Here’s Why Russia Has Issued a New ‘Crypto Payments Ban’

Source: Adobe/Aleksey Solodov Vladimir Putin, the president of the united states of the attacker state of Russia, has signed a new police that will ban the manipulation of cryptoassets and other “ digital assets ” in the payments space – even though crypto pay is already illegal in the nation. The use of cryptocurrencies as a means of payment was prohibited in January 2021, when Law 259-FZ ( which passed the State Duma in mid-2020 ) was officially adopted in Russia.

The new law, which comes into pull at the end of this month, does little but reinforce Law 259-FZ. It does, however, contain more detail and does away with some of the sometimes confusing and dim terminology used in the 2021 law. The outlaw of crypto payments is the merely crypto-related point upon which the Ministry of Finance and the Central Bank actually agree. The ministry, which has created a bill aimed at regulating crypto, would like to legalize the industry, while the Central Bank favors a total ban. Lawmakers will hope that nowadays that the ban on crypto payments has been reinforced, the two parties will hurry up and reach a compromise on crypto policy. The raw law besides makes specific mention of security tokens and utility tokens, which are expressly outlawed as a means of requital. It adds that no “ goods, performed works, or services rendered ” can be exchanged for cryptoassets or other forms of digital payment. A leading russian crypto web log channel named SelfInvestorz noted in a post that “ experts agree that the new police will not have a meaning impingement on the marketplace, ” as crypto payments is a very small niche in Russia. few if any russian companies have pursued crypto payments-related initiatives. The blogger added that the jurisprudence will simply “ strengthen the function of the ruble as the entirely legal means of payment ” in Russia. And, the same blogger wrote, the development is both “ good and bad news ” for crypto advocates. They added that the good newsworthiness was that “ regulation is always a announce of stability, ” which could lead to “ diligence development. ” But the “ regretful news, ” the blogger concluded, was that regulators would inescapably “ get to ” the sector, and would follow up with “ extra restrictions, obstacles, bans, fees, commissions, and taxes. ”

interim, russian psychologists are reporting a spike in the number of patients admitted with addictions to crypto and stock trading. The media wall socket Izvestia reported that the Dr. Isaeva rehabilitation plaza in Moscow stated that it had seen a advance in cases related to cryptoassets. The center noted that many of the admissions had previously shown signs of addictive behavior, such as “ gambling. ” The clinic reported that the “ average age of cryptocurrency addicts ” was approximately 30. An adept from the clinic was quoted as stating that many addicts turned to crypto after they had lost boastfully amounts of money elsewhere and were nobelium longer able to trade on the breed substitution. The expert added that crypto trade addicts ’ behavior had much in common with both “ alcoholics and workaholics. ” Leonardo Guevara, a psychiatrist, narcologist, and psychotherapist at the Marshak Clinc, was quoted as explaining that sprout trade addicts were more probably to turn to psychiatrists for avail, while crypto deal addicts are more reluctant to seek aid. Guevara concluded that an “ impulsive desire ” to perform crypto-related “ actions ” spurred some trade addicts to chase the “ feelings of euphoria and excitement ” much associated with buy and sell tokens. ____

Learn more: 
– cardinal Bank : No Place for Stablecoins in russian Economy, merely Digital Ruble Will Do
– russian Ministry of Finance Says There ’ s No place for Crypto in Oil Trading

– New Law Would Ban Crypto Pay in Russia ( Again ) as Miners Struggle to Convince Central Bank to Legalize Industry
– It Might Be ‘too early to Celebrate ‘ Russia ’ s New Crypto Law

– putin Bids to Create New International Settlements Platform, Reform Foreign Currency Rules
– Moscow Exchange Should Launch a Crypto trading Platform, Says Top Russian politician

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