CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$31,927.00
  • ethereum
    ETH$1,296.85
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » Change Of Heart? Russia Might Not Criminalize Bitcoin

    Change Of Heart? Russia Might Not Criminalize Bitcoin

    Author: Jordan Lyanchev

    Last Updated Jul 21, 2020 @ 14:39

    A recent report indicated that the Russian parliament is discussing a toned-down version of its legislation on cryptocurrencies. This time, the State Duma is not threatening to put Bitcoin users behind bars.

    Following reports that Russia may introduce new legislation that would essentially criminalize cryptocurrency usage, a recent document revealed that the country is reviewing an updated version of the “Digital Financial Assets” (DFA) bill that excludes criminal allegations.

    No Prison In Russia For Cryptocurrency Usage?

    As CryptoPotato reported recently, members of Russian’s lower house (the State Duma) contemplated new strict legislation on cryptocurrencies.

    The first reading of the DFA bill noted that digital assets could be banned entirely from any usage within Russia. Moreover, it even warned that if citizens broke the law, they could pay fines of $30,000 and face up to five years of forced labor or imprisonment for up to seven years.

    At the time, numerous cryptocurrency proponents in the country argued that such extreme measures against digital asset usage could turn away investors from Russia and push them to other jurisdictions.

    Consequently, the second reading of the bill, scheduled to take place today, has reportedly removed the intention to introduce criminal liability. Anatoly Aksakov, chairman of the Duma committee on the financial market, confirmed this by saying that “there will be no responsibility in this bill.”

    However, he also noted that the parliament could be considering another legislation that “can be adopted in the autumn session.” Aksanov clarified that the second bill could be more stringent on digital assets.

    State Duma. Source: The Financial Times
    State Duma. Source: The Financial Times

    First Bill To Arrive In January 2021

    The ongoing spring session of the State Duma ends this Thursday (July 23rd), and Aksanov explained that all three bill readings could be completed now. According to the head of the committee, the toned-down version of the legislation could see implementation as early as January 2021.

    “The law on digital financial assets should come into force on January 1st, 2021. Accordingly, now it should be adopted in the second and third readings in the spring session.”

    He also noted that the bill defines cryptocurrencies as “digital codes or designations, or a set of electronic data that is contained in an information system. And this data can be used as a means of payment and a store of value.” Additionally, digital assets are “neither an international monetary unit nor a monetary unit of a foreign state or the Russian Federation.”

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • paypal_crypto_bitcoin-min
      The Good and The Bad About Cryptocurrency on PayPal
    • Russia
      Russia Can Legalize Bitcoin Mining But There's a Catch
    • russia_dark_cover
      Russia Seeks Imprisonment for Undeclared Bitcoin and Cryptocurrency Transactions
    Read more on: Bitcoin Crypto Ban Russia

    About The Author

    Jordan Lyanchev View more posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$31,927.00
  • ethereum
    ETH$1,296.85
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    binance
    ADVERTISEMENT
    bitmart
    Bitcoin Editorials
    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!