Russia is on the verge of recognizing digital assets as a currency

According to local media, authorities in Russia will recognize Bitcoin and other digital assets as a means of payment.

The Russian newspaper Kommersant has Messages posted on Twitter this morning (9 February) and later that the government and central bank of Russia had reached an agreement on regulating digital currencies. They are currently preparing a bill to be published on February 18 that will define a digital currency as “currency” rather than a digital financial asset.

Правительство и Банк России договорились о будущем режиме обращения криптовалют в России: до 18 февраля они подготовят законопроект об обращении цифровых валют в РФ, в котором криптовалюты признаются аналогом валют, а не цифровых финансовых активов …https://t.co/htoUwUUUoz

— оммерсантъ (@kommersant) February 8, 2022

The report adds that digital currencies can only be used “in the legal realm” with full identification, either through the banking system or through licensed intermediaries.

The news comes just weeks after the Central Bank of Russia pushed for a blanket ban on cryptocurrencies, claiming that the speculative nature of the industry posed a significant threat to financial stability. As part of this proposal, the central bank also said that financial institutions should stop allowing digital currency transactions.

Separate reports suggest President Putin supports plans to regulate the country’s coinage industry.

The newspaper Kommersant also reported that cryptocurrency transactions over 600,000 rubles (about $8,000) will be declared or criminalized if they are obfuscated. Fines will also be imposed on those who illegally accept digital currencies as payment.

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Thach Sanh

According to The Block

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