may become Russia Soon the latest country to recognize cryptocurrency as a form of currency, the government and the country’s central bank have reached an agreement on how to Regulating digital assets
Draft law on cryptocurrency trading in the Russian Federation
According to the newspaper Kommersant The Russian government and the Central Bank have agreed on a future system for cryptocurrency trading in the country. The newspaper published on its Twitter account a report that includes the following:
“Before 18 In February, they will prepare a bill on cryptocurrency trading in the Russian Federation, in which cryptocurrencies are recognized as counterparts to currencies and not as digital financial assets. on the same thing.”
The report added, Cryptocurrency trading in the legal sector will only be possible with full identification through the banking system or licensed brokers.
The development comes weeks after the Russian Central Bank called for a blanket ban on cryptocurrencies.
Proposed ban in January, bans Cryptocurrency trading AndMining As well as use. If the law comes into force, only cryptocurrency ownership will be allowed in Russia and no other related activities will be permitted.
Read also: “Russian Finance Minister proposes allowing banks to sell cryptocurrencies
Russia bans use of cryptocurrency for payments
Russian authorities granted legal status to cryptocurrencies in 2020However, it has never been used for payments.
For many years, I argued Russia against Cryptocurrencies Due to concerns that it could be used in illegal activities, it therefore called for regulation.
A report published by central bank :
“The use of cryptocurrencies creates significant threats to the well-being of Russian citizens and the stability of the financial system.”
However, according to the latest report fromKommersant“The Ministry of Finance and the Central Bank of Russia, by February 18drafting either a separate bill or amendments to the CFA Law and other laws to implement it.
The report also said that it is likely that at least part of the new regulations regarding cryptocurrency will be implemented in the second half of this year 2022 or as of the year 2023.
On the other hand, the report clarified that people in Russia are not prohibited from owning or dealing with cryptocurrencies but only through a digital currency exchange regulator, a globally licensed bank or a p2p exchange authorized in the Russian Federation.
Meanwhile, the report notes that crypto transactions in excess of 600 thousand rubles (about 8 thousand dollars) will be considered illegal and considered a criminal offence. Fines will also be imposed on those who illegally accept crypto as a method of payment.
Read also: “For the first time” Russia grants a foreign company a license to issue digital financial assets
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