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Vladimir Putin (Courtesy: Twitter)
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Russia To Make Crypto Operations Limited

Vladimir Putin (Courtesy: Twitter)
Vladimir Putin (Courtesy: Twitter)

Russia is still fluctuation with its cryptocurrency operations. After Russian president Vladimir Putin shared signed the law for cryptocurrency to give it a legal status in the country, there will now be some amends being made on it.

The amends have been proposed by the Russian government, which will put over a “blanket ban on any operations with virtual money for individuals and individual entrepreneurs” except for three scenarios, a local media house reported.

The ministry reportedly wants to ban all crypto transactions except the obtaining of assets through inheritance, bankruptcy and enforcement proceedings.

Standalone crypto mining is legal, but it loses its financial value because the payment is usually processed in Bitcoins and Ethers,” Izvestia reports.

The latest news brings even more confusion to Russia’s current legal situation with crypto. After Russia finally passed its DFA bill in July 2020, local authorities subsequently said that the regulation will be set out in another law referred to as the bill “On Digital Currency,” or DA.

The DA bill is expected to pass in late 2020, the DFA law is scheduled to be adopted in January 2021, banning crypto-denominated payments in Russia.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.