Russian Authorities Aiming to Amend Law to Ban Crypto Operations
Crypto Guide
Live News
Bigrock [CPS] IN

Russian Authorities Aiming to Amend Law to Ban Crypto Operations

September 3, 2020      Vandana Malik

Talks regarding crypto regulations have been going on in many countries across the world and Russia is also active in this regard. Reports claim that Russian authorities have proposed a set of amendments to the law on the “Digital Financial Assets” (DFA). These amendments are meant to ban a lot of crypto operations in the country. 

According to the following amendments, there will be a blanket ban on any kind of crypto operations. The Russian Ministry of Finance is aiming to ban all the crypto transactions except the assets which are obtained through inheritance, bankruptcy, and enforcement proceedings. 

Russian Authorities Looking to Prohibit Miners from Receiving Payments

It is revealed that the major purpose behind these amendments might be that Russian authorities are aiming to prohibit miners from receiving payments for crypto mining. It is reported by the local media outlet that “Standalone crypto mining is legal, but it loses its financial value because the payment is usually processed in Bitcoins and Ethers.” 

Confusion in Russia’s Current Legal Situation with Crypto

There was already a lot of confusion in Russia’s legal situation with crypto and this latest news of proposing amendments contributes more to it. Back in July 2020, the DFA bill was passed and the Russian authorities have stated that the regulations will be specified in another law. DA is expected to be passed by the end of this year. However, DFA, which is meant to ban the crypto payments across the country, might be adopted by the starting of 2021. 

The Telecom regulator of the country has blocked which was the largest crypto-related website of the country. The regulator believes that the platform has distributed information about both buying and selling products using cryptocurrencies. However, the website has claimed that they do not provide information regarding anything that is stated by the regulator.

READ  Bitcoin Bank, Bitwala Now Supports Ether
#Amend Law to Ban Crypto Operations #DFA bill #Digital Financial Assets #Russian authorities #Russian Ministry of Finance
Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.