In Russia, officials continue to work to regulate cryptocurrencies such as Bitcoin (BTC) even after the country passed its first crypto law.
The Russian finance ministry has proposed some changes to the “digital financial assets (DFA)” law, which allegedly bans most crypto-related activities.
According to local news agency Izvestia, the proposed changes envisage a “complete ban on all activities with virtual currencies for individuals and individual entrepreneurs” except in three cases. The ministry wants to ban all cryptocurrency transactions except inheritance, bankruptcy, and follow-up claims.
The law changes are aimed at banning miners from receiving payments for cryptocurrency mining. “While crypto mining alone is legal, it loses its financial value as payments are often made with Bitcoin and Ether.”It was stated.
Recent news has further confused the current legal situation of cryptocurrency in Russia. After Russia finally adopted the DFA law in July 2020, local officials announced that the regulation would also be specified in another law called “on digital currencies (DA)”. The law in question is expected to be enacted in late 2020, while the DFA law will take effect in January 2021 and prohibit payments with crypto in Russia.
