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 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.
Read more interesting content here.