Russia recognizes cryptocurrencies as a legal form of the currency
Russia recognizes cryptocurrencies as a legal form of the currency
- Russia now brings "the digital currency industry out of the shade" by preparing itself to recognize crypto as the "analogue of currencies".
- certain rules accompany the new law to prevent the use of crypto for illegal purposes and to reduce all associated financial risks.
The indecisiveness of cryptocurrencies in Russia will soon come to an end. According to local news reports, the state's authorities plan to recognize crypto assets as a means of payment.
The draft law, which is to be published on February 18 at the latest, will define crypto as an "analogue of currencies" such as the ruble and not as digital financial systems. According to the Russian newspaper, this legislation comes after the government and the Bank of Russia have achieved a consensus on the regulation of cryptocurrencies, as a statement published on Tuesday shows. Several Russian regulatory authorities and legislators were also involved in the decision -making process, including the Federal Safety Service, the Federal Tax Service and the Ministries for Finance and Interior.
Russia and the crypto industry
The movement is an important plot twist, especially for the bank that has been connected again and again in front of the cryptocurrencies in the past Has warned financial and consumer risks. At the end of January, the organization even proposed a flat-rate ban on all crypto and crypto-related activities.
The Russian President Vladimir Putin, another crypto convert, but recently referred to the country's "competitive advantage" for the crypto mining due to its excess current, his well-trained staff and his relatively favorable electricity tariffs. At the same time, he planned to compile the country's central bank in order to forge a uniform crypto front.
Russia is now preparing to adapt to the conditions associated with the new law. According to reports, the new legislation states that crypto use will only be reserved for "the legal sector". Individuals or organizations that use cryptocurrencies must carry out proper identity tests via the banking system or on licensed intermediaries.
In addition, crypto users have to declare transactions over 600,000 rubles (around $ 8,000), otherwise they represent a crime. In addition, anyone who illegally accepts as a means of payment must count on certain fines.
on the downside
A rough translation of the design document states:
The determination of rules for the circulation of cryptocurrencies and control measures will minimize the threat of the stability of the financial system and reduce the use of cryptocurrencies for illegal purposes, since a complete ban on the business segment associated with its circulation is impossible.
In addition, it recognizes that a complete prohibition or the lack of regulation for the crypto industry would only lead to "an increase in the proportion of the shadow economy, an increase in fraud and a destabilization of the industry as a whole".
"The implementation of the concept will ensure the creation of the necessary regulatory framework, get the digital currency industry out of the shade and create the possibility of legal business activities," adds the explanation.
Source: Crypto-news-flash.com
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