Russia Passes First Reading of Bill Seeking to Ban Digital Assets as Means of Payment

Legislation to prohibit payments using crypto-assets sponsored by the Financial Markets Committee of the State Duma Anatoly Aksakov has passed through the first reading. According to a report by the state media, the official document recommends an obligation for digital asset exchanges, referred to as “DFA exchange operators,” to decline transactions where crypto is used as a “monetary surrogate.” #TOGRP

If the bill is approved by the Federal Council and President Vladimir Putin, “digital financial actives” (DFA) will be banned from paying for goods or services. But the country’s authorities remain divided. Roman Yankovsky, a Moscow Digital School teacher, explained that the category “means of payment” refers to money and near-money phenomena. Pointing out the term “money surrogates” used in the note, critics have noted that there appears.

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