Russian President Vladimir Putin Signs Law Banning Payments in Cryptocurrency
Russian President Vladimir Putin has signed a law banning payments in Bitcoin and other cryptocurrencies.
BREAKING: 🇷🇺 Vladimir Putin has signed a law banning #Bitcoin and #cryptocurrency as a means of payment in Russia.
— Watcher.Guru (@WatcherGuru) July 15, 2022
The law bans the use of digital financial assets and digital utility rights from being used to purchase goods, products or services throughout all of Russia. The law will also compel crypto exchanges to deny transactions that make it possible for assets to be used in a monetary fashion. The exchanges will be under direct oversight from the Russian financial regulatory system now.
“It is prohibited to transfer or accept digital financial assets as a consideration for transferred goods, performed works, rendered services, as well as in any other way that allows one to assume payment for goods (works, services) by a digital financial asset, except as otherwise provided by federal laws,” the law states.
Anatoly Aksakov, head of the Financial Market Committee at the Russian parliament, introduced the measure. He has issued threats against Russian cryptocurrency holders in the past.
“It is important to regulate the market, to protect, first of all, our citizens, to establish taxation and certain rights for cryptocurrency owners. However, they must be identified,” Aksakov said earlier this year.
This is a major departure from Russia’s previous overtures that they could begin accepting payment in crypto for energy exports, which Big League Politics reported upon:
“Pavel Zavalny, who serves as Chairman of the Russian Energy Committee, has stated that his country will consider taking Bitcoin as payment for energy exports.
Zavalny’s untranslated comments can be seen here:
NEW – Russia to accept #Bitcoin as payment for energy exports, says Pavel Zavalny, Chairman of the Energy Committee.pic.twitter.com/wUEOzX8Kfz
— Disclose.tv (@disclosetv) March 24, 2022
“If they want to buy, let them pay either in hard currency, and this is gold for us, or pay as it is convenient for us,” said Zavalny, a Duma deputy, according to an English translation of his words.
“The set of currencies can be different, and this is normal practice, [so] you can also trade bitcoins,” he added…
While brainwashed Westerners parade the cause of Ukraine’s corrupt puppet regime due to propaganda overload, Russia continues to undermine the new world order pushed by psychotic elites. This could be the final hurrah for globalism as nations realize they are stronger outside of this vile and wicked system.”
Russia’s hostility toward crypto is a bad sign that they will go back to business as usual following their domination of Ukraine. Crypto poses an existential threat to the new world order, but Putin’s crackdown will help the established banking powers keep their stranglehold on the global economy.