Home » New Law Would Ban Crypto Pay in Russia – You Should Watch

New Law Would Ban Crypto Pay in Russia – You Should Watch

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Law Would Ban Crypto Pay in Russia

This can’t be good for the health of the decentralized digital currency if the Law Would Ban Crypto Pay.

In-store pay with cryptocurrency could soon be prohibited in Russia.

A new law had been set in the legislation and they have been proposed. Read about it here.

crypto pay law
Photo by RODNAE Productions on Pexels.com

Some Russian citizens are furious at the thought of the law banning crypto in Russia. Is this new law a step in the right direction for society?

The law was enacted yesterday, but all it does is prohibit foreigners from paying for goods, services, and real estate in cryptocurrencies. The National Payment Card Share (NPCS) has revealed that payments with cryptocurrencies in Russia may soon be banned. What does this law entail for the crypto markets?

What will the NFT experts think about this?

Meaning they have not met the so-called Know Your Customer and Anti Money Laundering requirements that are becoming the norm. The new Russian law would ban crypto pay or prohibit issuing any regulatory approvals to exchanges or other businesses handling crypto payments in-country. However, it is not clear when this legislation will come into force and what precisely it will mandate.

Again, just like any other country banning cryptocurrency use, offenders can still exchange Bitcoin for dollars at home and then load dollars onto their debit cards abroad for foreign currency transactions abroad. Wherever the NFT rule originates from, a lot of regional devs are actually looking forward to being able to fuel their economies with a regional digital economic system without so many headwinds…or barriers. Global

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By: RMV

Next Network Financial Technology provides investors with tools to help them research, buy, and sell cryptocurrencies. The latest law would prohibit people from paying for goods and services with cryptocurrency.

The Investment Association of Australia is next to the NFO marketplace the NFT implements a new rule, “starting July 5th, 2021, when it comes to prohibited transaction, includes the purchase and sales of bitcoins (BTC)”

Russia has had a long-standing rule against paying with cash but with all these changes it is time to take a look at how the new law would affect their current financial system of transactions.

This can cause a Crypto and NFT avalanche

So what does this mean for companies such as Apple and Google? Actually, it seems quite unlikely that companies. Like those that don’t traditionally deal in the physical realm. They would need any incentive from Russia to stop dealing with cash-based exchanges. However, should they become motivated by new legislation on billing methods, then there could be trouble in paradise.

Unless blockchain technology gets legally recognized in the country in the near future, a newly revised bill is expected to enter parliament very soon. If approved, it would ban most crypto payments or any attempt from getting ahold of cryptocurrencies.

Only people holding currency peer-to-peer and people who use virtual accounts to transfer cryptocurrency will be at ease from the super tight regulatory compliance.

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