According to media reports, Russia is likely to legalize cryptocurrency. The Russian central bank & the government have arrived at an agreement to consider cryptocurrency as a legal form of currency.
The Russian government is set to come up with draft legislation aimed at legalizing cryptocurrency as per local newspaper, Kommersant. Cryptocurrency will be recognized as an “analogue of currencies” instead of digital financial assets.
The local media have further cited the Russian government document & reported that the transactions of only up to 600,000 rubles will be permitted when the law will be brought into effect & monetary fines will be imposed if the amount is exceeded.
Russian Finance Ministry & the Central Bank will either prepare a separate draft or will move joint amendment legislation to change the laws, claimed the report.
It is to be noted that earlier the Russian central bank, the Bank of Russia called for a complete ban on crypto-related operations. The central bank claimed that cryptocurrency can disrupt the country’s finances.
