There will be no crypto-based income in Russia, according to Russia’s internet authority
Bitcoin (BTC) and other cryptocurrencies continue to gain popularity among Russians and certain government officials. Russia’s internet watchdog is certain that local crypto rules will stay more restricted even as Russians and some government officials continue to show an increased interest in cryptocurrencies like Bitcoin (BTC) and others.
On Wednesday, Dmitry Marinichev (the internet watchdog) spoke at Blockchain Life 2021, a big industry event, on Russia’s approach to crypto rules.
Marinichev, Putin’s envoy for protecting entrepreneurs’ rights, made it plain that the country’s tight hold on cryptocurrency and prohibitive approach to it would not budge. That, according to him, is because the Russian government isn’t interested in seeing its citizens succeed financially via the usage of Bitcoin.
Marinichev was certain that payments made using a currency other than the ruble would never be approved by the Russian government. He then emphasized how important it is to be knowledgeable about these points.
So although there are crypto-related regulations like the one on Digital Financial Assets (DFA) in Russia, he maintained that ordinary investors have nothing to do with them He went on to say that these laws were passed as a consequence of pressure from large corporations and other state-owned enterprises.
His argument is that the DFA legislation only affects large corporations and so has no bearing on the average Russian or other crypto fans.
According to Marinichev, Russian municipal administrations are interested in crypto, with some ministries even offering to manufacture Bitcoin using natural gas as a byproduct.
And yet, despite the growing interest in Bitcoin, Russia’s government remains skeptical, with the Bank of Russia attempting to obstruct some transfers to cryptocurrency exchanges.