If the amendments to the federal law on digital financial assets are adopted, operations with bitcoins and altokines will be restricted, and the miners will not be able to legally receive the cryptographic currency they themselves produce.
Miners will not be able to receive payment in the crypt currency, according to amendments to the federal law on digital financial assets (CFA), proposed by the Ministry of Finance. The document imposes an explicit ban on any transactions with virtual money, except in three cases: inheritance, bankruptcy and enforcement proceedings, Izvestia wrote.
It is proposed to introduce administrative and criminal liability for violation of these rules. Citizens can receive up to 100,000 rubles in fines and up to seven years in prison, while legal entities can receive up to 1 million rubles in fines. Among the amendments of the Ministry of Finance is a ban on receiving payments for mining in crypt currency. At the same time, operations to extract digital money are allowed, but they are meaningless, because mining involves charging the mined cryptovalue for the purse of the miner.
This norm can be interpreted as a ban on receiving cryptocurrency as a result of mining itself, which is its purpose, as well as on obtaining benefits, for example, from trading on cryptographic exchanges, explained senior lawyer of tax practice Bryan Cave Leighton Paisner (Russia) LLP, Moscow Digital School teacher Dmitry Kirillov.
"If the package of bills under discussion is adopted, the long-awaited CFA law will lose all sense and the Russian cryptographic business will have to state its own death," the expert stressed.
In May 2020, the State Duma proposed a number of bills on the circulation and issue of cryptographic currency. It was proposed to introduce administrative and criminal liability for violations in its use. Then the community and ministries criticized the proposal and reported that the adoption of documents in the current version will put an end to the development of the block industry in Russia.
After that, the bill "On CFA" was revised, removing such concepts as "mining" and "tokens", as well as the provision on administrative responsibility. The document provides a definition of digital currency, prohibits its use in Russia to pay for goods and services. President Vladimir Putin signed the law on July 31, the new rules will take effect on January 1, 2021.
"The package of bills under discussion largely repeats the attack on the cryptographic business that we observed in late May. After a rapid and sharply negative reaction from business and industry experts, a compromise version was adopted, seemingly liberalizing the circulation of cryptographic currency in Russia. However, the president's signature on the CFA law did not have time to dry up ink as the state decided to return May restrictions to it", - noted Kirillov.
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