According to a report published on Tuesday, the government and Russia’s central bank have agreed to regulate cryptocurrencies.
The government and central bank of Russia are now working on a bill that will define cryptocurrencies as “analogues with currencies” instead of digital financial assets, which will be launched on 18 February. Cryptocurrencies will operate in a legal industry only if they have full identification. through the banking system or licensed brokers.
Kommersant notes that transactions with bitcoins (BTC) and storage of cryptocurrencies in the Russian Federation are not prohibited; However, this must be done through a “digital currency exchange regulator” (bank) or a peer-to-peer exchange licensed in the country.
The report also highlights that cryptocurrencies worth more than 600,000 rubles (about $ 8,000) must be declared; Otherwise, it can be considered criminal. Those who illegally accept cryptocurrency as payment will be fined.
The news comes after months of speculation about how the Russian government will treat cryptocurrencies. Although it is still unclear what this decision will mean for businesses and citizens of Russia, it seems that the country is slowly preparing for the idea of вЂ ‹вЂ‹ cryptocurrencies.
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In January, the Bank of Russia called for a nationwide ban on cryptocurrencies in a report warning of the speculative nature of the industry. The bank also said that financial companies should not facilitate cryptocurrency transactions as part of this proposal to ban digital assets.
However, the proposal provoked opposition from the Russian Ministry of Finance. Days after the central bank called for a ban, Ivan Chepskov, a spokesman for the ministry, said the government should regulate cryptocurrencies, not ban them altogether. He warned that a complete ban could leave Russia behind the technology.
There have also been reports that President Vladimir Putin supports the work of regulating crypto-mining in the country.