Russian government proposes to make changes to the law banning crypto transactions

Users can mine crypto but can’t use it for payment

Authorities in Russia continue their tries in the sphere of regulating cryptocurrencies like Bitcoin (BTC) even after passing the country’s first crypto law.

Russia’s Ministry of Finance has offered a set of amendments to the law “On Digital Financial Assets,” or DFA, prohibiting most of the transactions in crypto.

Based on the information from local media titled as  Izvestia, the proposed amendments suppose a “blanket ban on any operations with virtual money for individuals and individual entrepreneurs” except for three cases. The ministry plans to ban all crypto transactions except the assets getting through inheritance, bankruptcy and enforcement proceedings.

New changes suppose to prohibit miners from receiving payment for cryptocurrency mining.  As Izvestia mention“Standalone crypto mining is legal, but it loses its financial value because the payment is usually processed in Bitcoins and Ethers’.

The latest news make crypto professionals even more confused about Russia’s legal situation with crypto. After passing DFA bill in July 2020, local authorities mentioned that the regulation will be transformed in another law titled as a “On Digital Currency,” or DA.

At the end of August 2020, Russia’s telecom regulator Roskomnadzor blocked the largest crypto-related website, with the mention that the web site provides illegal information.

Be the first to comment

Leave a Reply

Your email address will not be published.