Russia tightens ban on the use of cryptocurrencies?

I am not Russian, so I can only tell from the news I have just read:

The law reads:
“It is prohibited to transfer or accept digital financial assets as a consideration for transferred goods, performed works, rendered services, as well as in any other way that allows one to assume payment for goods (works, services) by a digital financial asset, except as otherwise provided by federal laws.”

So what does it mean for russian node operators and Storj paying them for their provided service?

this mean that 1500 nodes in Russia can be abandoned. Because people cant withdraw their money. Also there is always lot of other possibilities, to proxy this money, or use them on paypal account to buy something.

There are no such options, Storj can only pay with their token, please do not give false information

This does not apply to “live goats” (whatever that means)

There is 1 sentence in this article which caught my attention: “In June, central bank governor Elvira Nabiullina said in an interview with RBC that cryptocurrencies can be used for international payments, provided the assets do not “penetrate” the Russian financial system”. It applies well to case with storj and Russian node operators, since payment from storj is an international payment that does not concern Russian financial system. Following that, as far as I know, there is no prohibition on purchasing and selling crypto for the purpose of going FIAT. So, all in all, if that statement from central bank governor holds true, then there is no problem.

1 Like

Yeah, that’s quite a predicament they’re in. They want to ban cryptocurrency, as it’s one way to avoid government control over money flow, yet cryptocurrency payments are one venue for trade that the West may not be able to fully block. It will certainly be interesting to observe developments on this matter.

Meanwhile in Russia

The severity of Russian laws is mitigated by the optionality of their implementation