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Russian President Vladimir Putin has signed a bill that will prohibit cryptocurrencies as a means of payment in the country, according to a report published this morning by Russian news agency RIA.
Progression comes after Russian lawmakers proposed an edition of the law that would make it illegal for any company that issues or exchanges cryptocurrencies. The new invoice, signed on Friday, appears to be a softer edition of the first proposal. According to RIA, the bill defines cryptocurrency as a type of assets for tax purposes, it cannot be used to pay for goods and facilities in Russia.
The bill also includes language that indicates that corporations can factor virtual values in the blockchain, provided they get approval from the Bank of Russia, the country’s central bank. The law is expected to take effect in January 2021.
According to RIA, Americans and Russian entities will only be able to challenge transactions involving virtual currencies in court if the plaintiffs report evidence of transactions and cryptographic assets.
Lawmaker Anatoly Aksakov told the RIA that some other bill, which will be in more explicit facets of virtual currencies, is ready and can be followed in the coming months.
© 2020 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not proposed or intended to be used as legal, tax, investment, monetary or other advice.