Russia and The Central Bank Agreement About Bitcoin

Russia and the Central Bank agreement about Bitcoin – According to a statement issued on Tuesday, the Russian government and the central bank reached an agreement on the regulation of cryptocurrencies. Moreover, the Russian government and the Central Bank are working on the bill. It defines cryptocurrency as an analog of currency and not digital financial assets; The resolution will come on February 18. Cryptocurrencies will only operate in the legal industry if identified through the banking system or licensed intermediaries.

It is worth noting that bitcoin transactions and possession of cryptocurrencies are legal in the Russian Federation; however, they must go through a digital currency exchange organizer or a country-licensed peer-to-peer exchange. The report also emphasizes that cryptocurrency transactions of over 600,000 rubles will be a criminal act. Those who illegally accept cryptocurrencies in the form of payment will receive a fine.

This news comes after months of speculation; How the Russian government will react to digital currency. While it is still unclear what this decision means for businesses and citizens in Russia, the country is slowly approaching the idea of ​​cryptocurrency.

Conclusion

In January, the Bank of Russia demanded a nationwide crypto ban in the report; Which warned of the speculative nature of the industry. The bank also said that financial firms should not facilitate crypto transactions; As part of a proposal to ban digital assets. However, this proposal was opposed by the Russian Ministry of Finance. A few days after the central bank called for the ban, a ministry official said the government should regulate crypto and not ban it altogether. He warned that a total ban could lead to Russia lagging in technology. It was also reported that President Putin supports efforts to regulate its crypto mining sector.

It is worth noting that Russia has carried out a significant reassessment after the radical denial of Bitcoin. Consequently, the country will not ban trading in this currency and severely restrict its use shortly.