Russia Won’t Ban Cryptocurrencies – Regulation Instead

Russia has announced they will not ban cryptos but instead, regulate them

Russia Won’t Ban Cryptocurrencies, Will Regulate Them Instead

“After going back and forth on how to deal with digital assets for months, Russia’s government and the nation’s central bank have decided to draft a bill on recognizing them as an analog of currencies. The authorities have until February 18th to present the draft.”

“According to a government statement, the purpose of this regulation is to integrate digital currencies into the financial system and ‘ensure control over cash flows in the circuit of credit institutions.’
Digital asset transactions will be possible only through legalized intermediaries, such as exchanges and P2P platforms, and banks. They will require complete identification.
The early stages of the draft law suggest that all crypto transactions of over 600,000 rubles (about $8,000) will have to be declared or risk being labeled as a criminal offense.”


Master Asked on February 9, 2022 in Cryptocurrency.
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