15 October 2026
Government Of Russia Drops The Plan To Criminalize Bitcoin Transaction
The Russian government has taken back the decision to criminalize the use of bitcoin in the country. The Digital Finance Asset Bill has withdrawn references to administrative and criminal liability for dealing in bitcoin.
As per the Ria Novosti report, the Digital Financial Assets Bill (DFA) is due to be read for the second time in the Russian parliament on July 21. The bill has eliminated the references to administrative and criminal liability for dealing in bitcoin (BTC). The final reading will establish it as law. The head of the parliament’s financial markets committee, Anatoly Aksakov, stated that “there will be no liability in this bill.”
Anatoly Aksakov revealed that the Digital Financial Assets Bill (DFA), will not hold any liability in this bill. In a meanwhile, the decision to penalize bitcoin investors with fines and jail terms had been terminated. Aksakov said, “they’ve removed everything, there’s only a link that the regulation of digital currency will be determined in another law.” The previous version of the bill had proposed fines of up to $7,000 or seven years in jail for individuals buying bitcoin with cash. The bill also stated to punish companies that issue or operate virtual currencies without approval from the Russian central bank, with fines of up to two million rubles or about $28,000.
As per the previous bill the companies had to pay one million rubles ($13,900) and individuals at least 200,000 rubles ($2,800) for violating rules for transactions with cryptocurrencies. The revised draft version of the bill states that it now deals with issues involving the definition of digital financial assets and establishes requirements for blockchain operations, among other matters. The enforcement of the proposed bill will come in action by January 1, 2021.
Discussion
0 comments