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russia

The Russian Government is all set to recognize Cryptocurrencies as a form of currency

The Russian government is all set to recognize cryptocurrencies as a form of cryptocurrency. The central bank and the Russian government are deciding how to regulate crypto, according to a local newspaper.

Cryptocurrency purchases can only be carried out using certified and licensed exchanges to keep a proper record of these transactions. Last month, all crypto-related activities were banned in the country as they posed a risk to the country’s financial system. 

Currently, Russia is the third-largest country with the most crypto owners. 

Russia
Countries with most crypto users Source: c-sharpcorner

  

Russia legalizes cryptocurrencies: 

The Russian government announced the details in an official report on the website and later a local newspaper Kommersant reported and tweeted that finally Russia and the central bank have decided to treat bitcoin and all the cryptocurrencies as a form of currency.

Last month, Russia banned all the crypto mining activities and use of cryptocurrencies and stopped all the banks from investing in crypto as they posed a threat to the financial system.

It was decided that it will be a crime not to report a transaction bigger than 600,000 rubles, the local currency. Authorities proposed the idea of a transparent blockchain where all the assets can be tracked down to the owner using open source data. In case someone illegally accepts cryptocurrencies as a form of payment, he will be fined accordingly.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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