February 27, 2024

The State Duma proposes to ban the public exchange of cryptocurrencies!

The State Duma proposes to ban the public exchange of cryptocurrencies!
On Thursday, November 17, the State Duma introduced draft amendments to the law “On Digital Financial Assets”, whichis designed to regulate mining and limit the circulation of digital currencies. This could be a major blow to the industry. Let's figure it out:

Earlier in the Russian Federation it was expressly forbidden to takecryptocurrencies as payment for goods and services, now, along with the consolidation of the concept of "mining" as the creation of a digital currency (cryptocurrency), the text of the amendments contains clause 8, which directly prohibits advertising and circulation of any digital currency in the Russian Federation: "In the Russian Federation, it is prohibited advertising and (or) offering in another form to an unlimited circle of persons of digital currencies, as well as goods (works, services), in order to organize the issuance, issue, organization of circulation, circulation of digital currency (with the exception of digital currency mining).

What are these amendments about?

1.Mining should be regulated by a special state body, which will be appointed by the government.At the same time, if the seller of the mined cryptocurrency is the miner himself, then he will have to sell through an authorized organization within the framework of an experimental legal regime;

2.Clause 8 of Article 14 prohibits the wide offer and advertising of any goods and services related to cryptocurrencies.It will be possible to personally offer, sell and buy, but this actually means that almost all crypto exchangers currently operating will be illegal;

Thus, the amendments propose to legalize andso already legal mining (and subordinate it to the state), as well as to prohibit any public activity on the exchange of cryptocurrencies. These amendments have not yet been adopted - so far this is only a draft, which is most likely to be relaxed.

*It is curious that the law on DFA calls digitalcurrency only the cryptocurrency that is not the monetary unit of a foreign state. And since Bitcoin was recognized as the state currency of El Salvador and the Central African Republic, legally in Russia Bitcoin is an ordinary foreign currency.

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