The State Duma banned payment for goods and services with digital financial assets

1 month ago 21

State Duma adopted law on regulating the circulation of digital financial assets (DFA), which, among other things, directly prohibits payment by them for goods, works and services in Russia.

It is clarified that the law is designed to increase the investment attractiveness of the use of digital rights by businesses and prevent the use of CFA as a means of payment. A direct ban is introduced on the transfer or acceptance of DFA and utilitarian digital rights as payment for goods, works, services, with the exception of cases provided for by federal laws.

The law separately notes that payment by crypto-currencies is already prohibited in Russia. In addition, the adopted law provides for the Central Bank to maintain a register of operators of electronic platforms, as well as the right of the regulator to apply measures of influence against them in case of violations of the requirements of the law “On the National Payment System”, the document says.

The operator of the electronic platform will have the right to carry out settlements on transactions made using it, but for this he must use a nominal account, the beneficiaries of which are users of this platform. Moreover, the operator will be able to use several nominal accounts, as well as act as one of the beneficiaries under the nominal account agreement, if this is provided for by the law governing its activities.

The list of operations carried out on a nominal account may also be changed by such a law. And the Bank of Russia will be able to establish additional requirements for the procedure for making settlements for transactions made using an electronic platform and related to the transfer of funds between beneficiaries.

The law comes into force from the day of its official publication, and these changes will take effect 10 days after that.

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