Russian President Vladimir Putin today signed into law a national ban on using digital assets for payments.
The action comes after the Russian government and central bank have long debated what to do about cryptocurrency.
The law, as published on the Russian parliament website and translated by Google Translate, reads:
“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.”
President Putin expressed enthusiasm for Bitcoin mining in January, when he said that Russia had “certain competitive advantages” including a “surplus of electricity and well-trained personnel available in the country” to mine the currency.