Authorities in Russia, even after passing the country's first digital asset law, are continuing their policy of regulating cryptocurrencies such as Bitcoin (BTC), Changes to the DFA Law According to recent reports, the Russian Ministry of Finance has proposed a number of changes to the law "On Digital Financial Assets," or DFA. This law prohibits many operations that use cryptocurrencies. According to local news agency Izvestia, the proposed changes include "a general ban on all operations with virtual money for individuals and individual entrepreneurs." The exceptions are three scenarios. The ministry reportedly wants to ban all transactions except for the acquisition of assets through inheritance, bankruptcy and execution. The amendments will reportedly prohibit miners from receiving payment for mining cryptocurrencies. "Mining cryptocurrencies on your own is legal, but it loses its financial value because the payment is usually processed in Bitcoin and Ethereum," - Izvestia reports. The latest news adds even more ambiguity to Russia's current legal situation. After Russia finally passed the DFA bill in July 2020, local authorities said that the regulation will be included in another law, called "On Digital Currency." The new law is expected to come into force in late 2020. The DFA law, on the other hand, is expected to be passed in January 2021, banning cryptocurrency payments in Russia. Cryptocurrencies in Russia In late August 2020, Russia's telecommunications regulator Roskomnadzor blocked the country's largest cryptocurrency-related website, BestChange.ru. The site aggregates data from around 400 local cryptocurrency exchanges. The platform was allegedly spreading information about buying or selling products using cryptocurrencies such as Bitcoin. BestChange claims it has never shared any information about such services. In mid-August, we learned that Russia's Federal Financial Monitoring Service, plans to build a new analytics platform to track private cryptocurrencies like Dash and Monero. Expobank, a commercial bank in Russia, has issued the country's first ever cryptocurrency-backed loan. According to a report by local news agency Kommersant, Expobank made the loan by issuing an individual bank loan powered by Waves tokens. Tags DFA Russia Law
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