The State Duma adopted in the first reading a bill banning digital assets as a means of payment

The initiative, approved by the deputies of the lower house of the Russian parliament, provides for a complete ban on the use of CFA and DSM in Russia to pay for goods and services.

Draft federal law No. 138674-8 “On Amendments to Certain Legislative Acts of the Russian Federation Regarding Regulation of the Circulation of Digital Financial Assets and Utility Digital Rights” was adopted by the State Duma in the first reading.

Now the draft is preparing for the second reading and accepting amendments from all interested persons and organizations. Amendments must be sent to the financial market committee no later than June 20.

The initiator of the bill was the head of the financial committee Anatoly Aksakov. The author believes that the adoption of the law will increase the investment attractiveness of the use of digital rights by businesses. It will also fill the legal void that is beneficial to criminal structures by preventing the use of digital financial assets (DFA) and utilitarian digital rights (DPR) as a means of payment.

In May, it became known that after the comments of the relevant committees of the State Duma, the version of the draft law “On Mining in the Russian Federation” previously proposed for approval was withdrawn for revision. The new bill no longer provides for an amnesty that exempts miners from customs clearance of equipment and paying taxes.