Russia planning to regulate crypto and recognize it as currency

According to a local news report, Russia is set to recognize digital assets as a form of currency 

Russia planning to regulate crypto and recognize it as currency

Kommersant is a Russian newspaper reported and later tweeted that the government and the Bank of Russia decided an agreement on how to regulate cryptocurrencies.

They are now preparing a draft law, expected by Feb 18. which will execute crypto as an "analog of currencies" as digital financial assets. 

The report further declared that it will be possible to use crypto "in the legal sector" with full identification, through the banking system, or via licensed intermediaries. 

The news comes when after the Bank of Russia pushed a ban on crypto in a re[prt issued in January, the speculative nature of the industry posed a significant threat to the speculative nature of the industry posed a significant threat to the financial stability of citizens. As part of the proposal, the central bank is declared that financial institutions should be stopped from facilitating crypto transactions. 

The president is backing plans for regulating the country's crypto mining industry. 

Then after Kommersant report suggests that crypto transactions of over 600,000 rubles (approx $8,000) will constitute a criminal offense. Also, be levied on those who illegally accept crypto as payment. 

Read: Russians transact $5B in crypto every year says Bank of Russia