Russian gov't and central bank agree to treat Bitcoin as currency
Cryptocurrency transactions of more than 600,000 rubles (roughly $8,000) will have to be declared or be considered a criminal act. The government and central bank in Russia have reached an agreement on how to regulate cryptocurrencies, according to a Tuesday announcement.Russia's government and central bank are now working on a draft law that will define crypto as an "analogue of currencies" rather than digital financial assets, set to be launched on Feb. 18. Cryptocurrencies would function in the legal industry only if they have complete identification through the banking system or....
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The central bank and the finance ministry in Moscow have been asked by the head of the Russian government to agree on a vision for the development of the country’s digital asset market by Dec 1. Working with other regulators, they should also present a common position on the legislation needed to regulate it.
Pressed by Sanctions, Russian Government Moves to Regulate Cryptocurrencies
Russian Prime Minister Mikhail Mishustin has told the Ministry of Finance to prepare, together with the Bank of Russia, and submit concrete proposals for the future of the digital financial....
According to information provided last week to the Russian newspaper Izvestia, the Russian Central Bank will meet with representatives of the financial community to establish a position on Bitcoin and cryptocurrencies in general. A source close to the Bank of Russia told Izvestia that the governor might be open to cryptocurrency and that the central bank may allow, and regulate, some Bitcoin activities, specifically transfers, payments, and settlements between users. Elvira Nabiullina, governor of the Russian Central Bank, provided clarifications on the position of the central bank on....
Russian authorities are yet to reach full consensus on the future of cryptocurrencies but government institutions are on the same side of the fence in their intention to ban bitcoin payments. Other operations with digital assets are to be legalized and regulated, representatives of Russian business have revealed. Russian Central Bank, Finance Ministry Agree to Prohibit Crypto Payments The Central Bank of Russia, the Ministry of Finance and the government have converged on the question of how to regulate Russia’s crypto space. Decentralized digital currencies will not be accepted as....
The head of a recently created unit at the Central Bank of Russia devoted to exploring financial technologies sees a wide-reaching role for blockchain use in finance, according to a recent interview. Translated statements from an interview between Russian-language publication Bankir.ru and Vadim Kalukhov, director of the Russian central bank’s Financial Technology, Projects and Process Management Department, paint a portrait of cautious enthusiasm for the technology, a stance consistent with past statements from the institution. The Central Bank of Russia, which earlier this year made....
Earlier on, the Russian government and central bank was known to have imposed a ban on bitcoin and cryptocurrency information in the country. They even restricted access to websites that contain digital currencies, although this ban was lifted later on. Just recently, the Russian central bank governor said that they would welcome bitcoin and other cryptocurrencies. Russian newspaper Izvestia reported that a source close to the Bank of Russia said that the central bank may allow, and regulate, some Bitcoin activities, specifically transfers, payments, and settlements between users. However,....