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
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.
Правительство и Банк России договорились о будущем режиме обращения криптовалют в России: до 18 февраля они подготовят законопроект об обращении цифровых валют в РФ, в котором криптовалюты признаются аналогом валют, а не цифровых финансовых активов …https://t.co/htoUwUUUoz— Коммерсантъ (@kommersant) February 8, 2022
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.