Legal Crypto: Russia has decided to regulate cryptocurrency instead of banning it. The central bank has also given its consent.
Legal Crypto: The legality of cryptocurrencies is being discussed all over the world and in some countries it has been declared illegal while in some countries it has been recognized. In the latest episode, now instead of banning cryptocurrencies, Russia has also decided to regulate it. According to the local media of Russia, information about regulating it appeared on the official website of the Russian government on Tuesday night. Earlier Russia’s central bank was in favor of banning the mining and trading of cryptocurrencies like BitCoin but has now agreed. According to official figures from the Russian government, Russia ranks third in the world in terms of bitcoin mining, so law enforcement agencies had expressed concern that adequate action was not possible on crimes related to crypto. Let us tell you that El-Salvador was the first to approve bitcoin in the world and after that the process of making it legal in Brazil also started.
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You will be able to transact crypto up to 6 lakh rubles
According to the government’s blueprint released on Tuesday, Russians will be able to buy cryptocurrencies only through locally registered and licensed companies in Russia to ensure the identities of users and complete transactions with government agencies. However, nothing has been said about mining in it. Citing the document of the Russian government, the local media has informed that only crypto transactions up to 6 lakh rubles (Rs 6.02 lakh) will be approved. Information about the above transaction will have to be given to the Federal Taxation Service and if not, it will be considered a crime. According to the newspaper Kommersant, the new laws and instructions related to this can be implemented in the second half of this year 2022 or early next year. Is.
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Russians hold 121% of the world’s crypto
Bloomberg reported on February 1, citing official data from the Russian government, that the people of Russia have cryptocurrencies worth 16.5 trillion rubles (Rs 16.54 lakh crore). This is 12 percent of the total crypto holdings in the world, that is, 12 percent of the total investment in crypto around the world is from the people of Russia. This assessment has been done on the basis of IP addresses and other information of major crypto-exchange users in January. Apart from this, government data has also revealed that about 12 percent of Russian citizens hold cryptocurrencies, of which 60 percent are 25-44 years old.
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What is the situation in India?
Talking about India, in the budget of the next financial year 2022-23, it was announced to impose a tax of 30 percent on digital asset transfer. This led to talk of cryptocurrencies like bitcoin being considered legal, so the government made it clear that it has not been declared legal yet. Finance Minister Nirmala Sitharaman has clarified that taxing VDA income including crypto does not mean that they have got legal recognition. There will be complete clarity on this when the bill regulating digital assets is brought. According to Revenue Secretary Tarun Bajaj, the government should bring a bill soon to regulate it. He has asked all crypto investors to pay tax on profits.
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