Russia Will Treat Bitcoin and Crypto Assets As Currencies.

The Russian government and central bank have just secured an agreement on cryptocurrencies.

The government and the Bank of Russia have established an agreement on how to supervise cryptocurrencies, according to the Russian daily Kommersant, which was subsequently tweeted. 

They are now working on a draft law that will describe cryptocurrency as a “analogue of currencies” rather than digital financial assets, with a deadline of February 18th.

According to the study, crypto will only be used “in the legal sector,” with complete identity, through the banking system, or through approved intermediaries.

The announcement comes just weeks after the Bank of Russia called for a blanket ban on cryptocurrency in a January paper, claiming that the industry’s speculative character presented a massive threat to the country’s financial stability. As part of the suggestion, the central bank stated that financial institutions should be barred from enabling cryptocurrency transactions.

According to separate reports, President Putin is in favor of regulating the country’s crypto mining operation.

According to today’s Kommersant story, crypto transactions of more over 600,000 rubles (about $8,000) must be reported or constitute a criminal offense. Fines will also be imposed against individuals who illegally take cryptocurrency as payment.

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Patrick

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