Putin signs law prohibiting crypto payments in Russia

ph1l

ph1l

"Prolly Nothing" except for employees of the ransomware industry.;)
https://finance.yahoo.com/news/putin-law-prohibiting-crypto-payments-russia-125015139.html
Putin signs law prohibiting crypto payments in Russia
Mariella Moon
·Contributing Reporter
Sat, July 16, 2022 at 7:50 AM·1 min read


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designer491 via Getty Images


People in Russia will soon no longer be allowed to use digital assets as a form of payment. Russian president Vladimir Putin has signed a bill into law prohibiting the use of digital assets, such as cryptocurrency and NFTs, to pay for goods and services. In addition, as Protocol notes, the new law also requires crypto exchanges and providers to refuse transactions in which digital transfers can be interpreted as a form of payment. The new law states:

"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."

As a New York Times report said earlier this year, US authorities believe that some Russian companies affected by sanctions imposed against their country after its invasion of Ukraine could be using cryptocurrency to circumvent those limitations. The value of Bitcoin even surged for a few days after the invasion started in February.


That said, Russian authorities aren't quite keen on digital assets: The Central Bank of Russia called for an outright ban on cryptocurrency. That most likely didn't happen, because Russia's Finance Ministry was opposed to the idea and believed it was necessary to allow crypto technology to develop. In 10 days' time, the law will take effect and will make paying with crypto illegal in the country. According to Decrypt, though, Russians can still invest in cryptocurrencies like Bitcoin and presumably continue mining them as we
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Putin shields & protects Russia from American manipulations of the Russian economy & currency,
ie. from the economic war the US carries against its adversaries.
Forbidding crypto in Russia means supporting the Russian currency, the Rouble.
I always believed that Bitcoin is a creation of the CIA, so they know how to crash it...
Putin is a wise man, maybe the best Russian leader ever.
 
This is good news for Russia. The west was dumb-enough to help them in this regard for months now. Keep up the good work Westerners!

Aside from Western nations fucking themselves in the ass every-which-way they could manage with sanctions so far to date... what other level-of-stupidity of self-inflicted pain can the West deliver on themselves in some sort of hippie-tree-hugger way that is supposed to STOP the war in Europe?

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If you were a BTC millionaire in Russia, you'd have to sell them against USD and buy Rubels. Which makes Rubels stronger. Does it have an impact? Certainly, but most likely a small one.
 
But it's decentralized!!!!!!

Where's the whole "you can't stop Bitcoin crowd?

The knights templar were decentralized too. How'd that work out?

Bitcoin is not designed with adequate privacy and network robustness to overcome state actors.
 
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