The Russian government continues to play table tennis in regulating cryptocurrencies such as Bitcoin (BTC), even after the country’s first cryptocurrency law has been passed.
It is reported that the Russian Finance Ministry has proposed a number of amendments to the Digital Financial Assets Act, or DFA, which prohibits many transactions with cryptocurrencies.
According to local news agency Izvestia, the proposed changes stipulate a “complete ban on virtual financial transactions of individuals and individual entrepreneurs,” except for three scenarios. The ministry allegedly wants to block all crypto transactions other than the acquisition of assets through inheritance, bankruptcy, and enforcement.
The changes are alleged to be aimed at preventing miners from receiving payments for cryptocurrencies. “Mining outside of cryptocurrency is legal, but it is losing its economic value because the payments are usually made in bitcoin and ether,” according to Izvestia.
The latest news adds more confusion to the current legal situation in Russia regarding the cryptocurrency. After Russia finally adopted the DFA bill in July 2020, local authorities then said that the regulation will be defined in another law called the Digital Currency Bill, or DA. The DA is expected to be adopted at the end of 2020, and the DFA is slated to be adopted in January 2021, which prohibits cryptocurrency payments in Russia.
At the end of August 2020, Roskomnadzor blocked the country’s largest cryptocurrency website, BestChange.ru. The platform, which gathers around 400 local cryptocurrency exchanges, is alleged to spread information about buying or selling products with cryptocurrencies such as Bitcoin. BestChange claims to have never provided any information about these services.