Bitcoin

The Russian Ministry of Finance is trying to ban all cryptocurrency transactions

The Russian authorities continue to provide little clarity about the regulation of cryptocurrencies such as Bitcoin (BTC) in the countryeven after approval the first state law about it.

The Russian Ministry of Finance has proposed a series of legislative changes entitled “On Financial Assets”., or DFAwhich prohibits many transactions related to cryptocurrencies.

According to the local news agency Izvestia, The proposed changes provide for an “absolute ban on all virtual money transactions for individuals and sole proprietorships”.with the exception of three cases. The ministry wants to ban all cryptocurrency transactions, except for obtaining assets through procedures of Inheritance, bankruptcy and foreclosure.

The Russian Ministry of Finance is trying to ban all cryptocurrency transactions
The Russian Ministry of Finance is trying to ban all cryptocurrency transactions

The changes are also designed to prevent miners from receiving payments for mining a coin.. Izvestia reports that “Cryptocurrency mining is legal, but it loses its financial value as payment is usually processed in Bitcoin and Ether.”.

The latest news is adding even more confusion to Russia’s current legal situation regarding cryptocurrencies. After the country finally passed the EDA law in July 2020, Local authorities later said that regulation would be set out in another law called “On Digital Currency” (DA). While the DA bill is expected to be adopted at the end of 2020, The EDA is expected to be adopted in January 2021, Ban on cryptocurrency payments in Russia.

End of August 2020 Russian Telecommunications Authority Roskomnadzor blocked the country’s largest cryptocurrency website, BestChange.ru. By providing an aggregator of around 400 local exchanges, the platform would publish information about buying or selling assets like Bitcoin. Instead, BestChange claims never to have provided information about these services.

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