Bitcoin and other Cryptocurrencies may gain authority in Russia, reports Says. A new report issued by Kommersant the native Russian newspaper said. That Russian authorities are working on a new bitcoin and cryptocurrency law.
After the explosion of digital currencies, and non-fungible tokens. Both forms of digital assets skyrocketed in the world. Whereas yet digital currencies are experiencing regulatory issues in many countries. Despite the fact that El Salvador has accepted the legal tender for bitcoin at the end of 2021.
According to a recent report, the Russian government had applied a complete ban on crypto activities in Russia. But, this present update is standing against it. And reflecting that Bitcoin and other Cryptocurrencies will gain authority in Russia.
So What’s Cooking In Russia for Bitcoin And Other Cryptocurrencies?
According to the local Russian news updates, the Russian government, and the central bank Of Russia seems to have come to a new agreement. That focuses on the regulations for bitcoin, and other cryptocurrencies. Where bitcoin, and cryptocurrencies will gain new authority in Russia. But not what Russia considers to be digital financial assets (DFA).
Russian Authorities Focused On New Law For Bitcoin And Other Cryptocurrencies.
Currently, the Russian authorities are working on a draft law for bitcoin and other cryptocurrencies. Which will give a new identity to the cryptocurrencies as an “analogous of currencies.” instead of “DFA.” As well this draft law is expected to arrive by Feb.18.
The Russian newspaper further explained. That it will be possible to utilize digital assets in the official sectors. With complete identification, via the banking systems or licensed intermediaries.
Moreover, the native Russian newspaper told. That the crypto transactions above 600,000 RUB will be considered an illegal or criminal act.
Russian Authorities Previous Actions Over Crypto:
This new update about bitcoin and other cryptocurrencies arrived. After Russian authorities completely banned cryptocurrencies, as per a report of Jan. And, debating over the speculative nature of industry stance a great danger to the public’s financial stability.
Along with it, the Central bank of Russia said that financial entities should be paused providing digital assets transactions. Additionally, if anyone accepted cryptocurrencies as means of payment will have to pay a fine.
As well, a draft document attached in the report, claims that the regulations would certify the security of citizens’ rights. Under a licensing regime, aimed at crypto suppliers. Further, the crypto providers will need to have “financial airbags.” particularly liquidity and adequate capital.
“The complete absence of regulation of this industry, as well as the establishment of a ban, will lead to an increase in the share of the shadow economy. An increase in scam cases and destabilization of the industry as a whole,”
The cryptocurrencies are on a rollercoaster in Russia. If we look at the previous and recent records of Russian authorities. We can say that Russian authorities tried but in the end, can not resist the new digital currencies. And finally, reach the decision that they could introduce a legal framework. That will benefit the economy, and prevent Russians from all the dangers, due to these digital currencies.
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