Russian Lawmakers Finally Pass Country’s Major Crypto Bill

Russia’s newly passed crypto bill finally provides a legal status to crypto, but does not allow it to be used as a payment method.

Russia passed a major bill today related to cryptocurrencies like Bitcoin (BTC).

The State Duma — Russia’s legislative body — has passed a bill titled “On Digital Financial Assets� in its final third reading, local news agency Regnum reports July 22.

After initiating the bill back in 2018, Russian authorities have finally agreed to provide a legal status to cryptocurrencies, preparing to adopt the first major part of legislation for the industry. 

Following the latest Duma’s decision, the bill “On Digital Financial Assets,� or DFA, is expected to be officially adopted in Russia on Jan. 1, 2021. The bill provides a legal definition to digital assets and legitimizes cryptocurrency trading in Russia. However, the bill prohibits the use of cryptocurrencies like Bitcoin as a payment method.

This story is developing and will be updated

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