Russian Lawmakers Finally Pass Country’s Major Crypto Bill

[Goodcat49]

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.

https://cointelegraph.com/news/russian-lawmakers-finally-pass-countrys-major-crypto-bill

[TomPluz]

According to Russia, you can have your cake but you can't eat it too. While recognizing cryptocurrency and allowing its trading, no one is allowed to buy and sell using cryptocurrency so of course the best thing to do is to convert your crypto into the local cash first and use the cash to buy anything. I am hoping though that it can be as simple as that...