The Russian newspaper Kommersant has reported that the government and the Bank of Russia have reached an agreement to regulate cryptocurrency. Now the officials are preparing a draft, which is likely to come out by February 18. In this, crypto will be defined as an ‘analog of currencies’ instead of DFA (Digital Financial Assets).
The report states that legally using crypto with full identity can only be done through the banking system or licensed intermediaries.
Earlier in January, the Bank of Russia proposed a complete ban on crypto. It was argued that this industry posed a threat to the financial stability of the people. The bank had also proposed that financial institutions should be barred from facilitating crypto transactions.
Kommersant’s report shows that crypto transactions over RUB 600,000 (approximately Rs 6 lakh) will have to be declared or considered a crime. Those who accept crypto illegally as a form of payment will also be fined. It has also been claimed that such rules are being made in the new draft, so that the interests of the people can be protected.
Since the softness shown by Russian President Vladimir Putin regarding crypto, it was believed that something good would be heard soon. During a meeting in January, Putin said that he was aware of the discussions taking place on the matter. The Central Bank of the country is looking after these issues. Certainly there are some advantages to cryptocurrency mining, he added. He directed the Central Bank of Russia to take a decision on the crypto space after discussions with members of the government. It was said that the central bank does not stand in the way of our progress in technology. I would ask the Government of Russia and the Central Bank to come to an opinion.
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