Russian people will not be allowed to earn money from crypto — Russia’s internet watchdog

Russian people will not be allowed to earn money from crypto — Russia’s internet watchdog

Even as Russian people and some government officials continue to show an increased interests in cryptocurrencies like Bitcoin (BTC) and the rest, Russia’s internet watchdog is full of confidence that local crypto regulations will remain increasingly restrictive.

While speaking at a major industry event, Blockchain Life 2021, on Wednesday, Dmitry Marinichev ( the internet watchdog) discussed the approach Russia is taking with regards to crypto regulations.

Marinichev, who is responsible for the protection of entrepreneurs’ rights under President Vladimir Putin, said in clear terms that Russia will not soften its tight grip and prohibitive stance on crypto. He claims that, this is because the government has no interest in seeing Russian people make money with Bitcoin.

Marinichev insisted that it would never be sanctioned for Russian people to make payments using other money except for the ruble. He then reiterated the importance of being aware of those facts.

He then argued that, while there are crypto-related laws in Russia like the one on Digital Financial Assets or DFAs, they have absolutely nothing to do with individual investors. He explained further that those laws were adopted as a result of the serious institutional demands by big businesses and other state-owned companies.

In his argument, the regulator claims that the DFA law is only targeted at big companies and therefore has nothing to do with the common Russian people, or other enthusiasts in the crypto industry.

Marinichev’s remarks on Russian crypto regulations follows after the nation’s local governments indicated their interests in crypto, with some ministries even going as far as proposing to mine Bitcoin with associated gas.

But still, and in the face of all these increasing interests, the Russian government remains pessimistic about Bitcoin especially as it concerns its own people, with the Bank of Russia looking to block certain transactions to crypto exchanges.