Russia to rate cryptocurrency as a currency

The government and the central bank in Russia have reached an agreement to regulate cryptocurrencies, according to a announcement which was done yesterday.

Russia regulates cryptocurrencies

The Russian government and central bank are now working on a bill that will define crypto as an “analogue of currency” rather than digital assets. This law will come into effect on February 18. However, cryptocurrencies are only legal if they can be fully identified through the banking system or recognized intermediaries.

The Russian daily newspaperKommersantnotes that Bitcoin transactions and possession of cryptocurrencies are therefore not prohibited in Russia. The transactions must be done through a recognized bank or peer-to-peer exchange with the appropriate licenses.

The report also emphasizes that cryptocurrency transactions over 600,000 rubles (about 7,000 euros) must be explained, otherwise it will be considered a criminal act. Those who illegally accept cryptocurrencies as payment will face fines.

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Russia is slowly becoming more positive about cryptocurrencies

This news comes after months of speculation about how the Russian government would handle digital currencies. While it is still unclear what this decision will mean for businesses and citizens in Russia, the country seems to be slowly becoming more positive about cryptocurrencies.

In January, the Bank of Russia called for a nationwide crypto ban. The bank warned of the speculative nature of the industry. She also stated that financial companies should not facilitate crypto transactions. However, the proposal met opposition from the Russian Ministry of Finance. A few days after the central bank’s call for a ban, Ivan Chebeskov, a ministry official, said the government should regulate crypto rather than ban it completely. He warned that a total ban could leave Russia behind in technology

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Reports have also emerged that President Putin is supporting efforts to regulate the country’s crypto mining sector.

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