Bitcoin price drops lowest in a month. Could Russia’s proposal to amend law be the reason?
On Sep 11, 2020
Bitcoin Price Decrease
Bitcoin displays volatility again in these days. In the last days, Bitcoin was traded even at 12k USD, and today Bitcoin goes down to below 11k USD. Experts say that this is the result of the amendments to the law in Russia. This was unprecedented after Russia passed its first crypto law.
Amendments to the law in Russia
Ministry of Finance of Russia made some revisions to their law “On Digital Financial Assets,” or DFA, which blocks the many transactions with cryptocurrency. According to the news agency Izvestia, revision is about a “blanket ban on any operations with virtual money for individuals and individual entrepreneurs” excluding 3 situations: obtaining assets through inheritance, bankruptcy, and enforcement proceedings. Those corrections in the law supposedly will restrain miners to get their payment for cryptocurrency mining. In short, crypto mining is allowed, but the payout in crypto is prohibited.
Perfect timing to buy Bitcoin
This situation is quite suitable for traders, or who wants to buy Bitcoin. If the Bitcoin price falls, it will be cheap to buy Bitcoin now, with the expectation that it will increase in the future.
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