The Russian president has approved the bill that governs the use of cryptocurrency in the country, and the law will go into full effect starting from Jan 1, 2021. However, the approved bill gives crypto a legal backing in Russia but prevents it from being a means of payment for transactions.
The law explains that even though cryptocurrencies serve as an electronic means of transactions, it cannot be adopted as a means of exchange in the country because it is not the country's fiat currency.
The law further explained that digital assets could, however, be bought, sold, and exchanged but not as a means of payment. Banks in Russia can also be involved in crypto transactions given that they register with Russia's national bank.
The national bank is authorized to supervise the overall operation of digital assets in the federation. Several digital currency-related terms were omitted in the bill, but it was stated that a comprehensive law regarding digital currency would be included in another bill.
Source: News.bitcoin
