Russian President Vladimir Putin signs digital financial certificate

Russian President Vladimir Putin on Friday signed the Monetary Policy Law, which regulates digital assets and cryptocurrencies, according to RIA Novosti.

The bill was passed by the Russian Parliament on July 22. Russian lawmakers have approved the legal status of crypto assets and the new law will come into force on January 1, 2021.

Although the bill provides legal conditions for digital assets and legalizes the real estate market in Russia, the use of cryptocurrencies such as Bitcoin for payments is still restricted.

This measure does not include penalties and penalties. The new law is not intended to introduce liability, such as fines or jail time, for the illegal use of cryptocurrencies.

As previously reported by 'Beijing', this bill was first read at the Duma meeting two years ago, but the bill was withdrawn due to protests from supported crypto companies and the central bank is skeptical of cryptocurrencies.

However, Anatoly Aksakov, a member of the State Duma and a strong supporter of the rule of law, then developed a plan for reconciliation and before enacting the law on “digital financial assets” (which may include tokenized assets, blockchain infrastructure and stability coins). I do. . , a few problems and conflicts related to "digital currency" aside for now, these will affect crypto-currencies or crypto-assets at large.

However, the Central Bank of Russia still believes that buying cryptocurrency should not be viewed as an investment. Sergei Schvetsov, the first president of the Central Bank of Russia, expressed his views on the new law and the cryptocurrency market on Tuesday in a YouTube video.

Shvetsov said Russian banks are unaware of buying cryptocurrency as an investment.

"According to the regulator, the Bank of Russia says buying cryptocurrency is not an investment. It is like Ponzi scams or roulette games that cannot be used for currency trading. finance, "he said. “The government or financial intermediaries should not be supporting this. »Citizens buy cryptocurrency. hu. "