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Russia set to recognize crypto as a form of currency: report


According to local news reports, Russian authorities are set to recognize digital assets as a form of currency.

Russian newspaper Kommersant Reported this morningWhen Tweet later, The government and the Central Bank of Russia have reached an agreement on how to regulate cryptocurrencies. They are currently preparing a bill scheduled by February 18 that defines crypto as a “currency analog” rather than a digital financial asset.

The report further stated that cryptography can only be used by the “legal department” with full identification, either through the banking system or through an authorized intermediary.

News arrives a few weeks after the Central Bank of Russia Seeking a total ban About the cipher of the report issued in January, claiming that the speculative nature of the industry poses a serious threat to the financial stability of its citizens. As part of that proposal, the central bank also said that financial institutions should stop promoting crypto trading.

According to another report, President Putin Backing plan To regulate the country’s cryptocurrency mining industry.

The details of today’s Kommersant report suggest that crypto transactions in excess of 600,000 rubles (about $ 8,000) need to be declared or constitute a crime. People who illegally accept cryptography as a payment method will also be fined.

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