Russian President Vladimir Putin has now passed a new law in the country, which would ban the use of digital assets as a medium or method of payment in Russia.
With this move, it will also ban the use of cryptocurrency and also NFT as one of the forms of payment in the country.
Previously, the National Bank of Russia had asked for a ban on cryptocurrency last January, and during that time it received a variety of different reactions from citizens and ministries there.
With the approval of this new legislation, it also provides a handle on what Russia's stance is in the cryptocurrency arena. This new legislation will take about 10 days before being fully activated.
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