Russia is taking new steps to regulate Bitcoin and altcoins. The Russian government supports the cryptocurrency industry regulation concept proposed by the country’s Ministry of Finance. cryptocoin.com We convey the details as…
Bitcoin and altcoin name from Russia
“The implementation of the regulations will ensure the establishment of the necessary regulatory framework for crypto, bring the cryptocurrency industry out of the shadows and create the possibility of legal business activities,” the Russian government said in a new statement on cryptocurrencies. Less than a month after Russian President Vladimir Putin called for unity over the cryptocurrency regulation dispute between the Russian Central Bank and the Ministry of Finance; The country seems ready to recognize the emerging asset class as an alternative currency.
Local news sources reported that both the Bank of Russia and the government have reached an agreement to see the country publish a bill on how cryptocurrencies will be regulated. According to the report, the draft regulation, which is expected to be submitted to the National Assembly by February 18, will consist of cryptocurrencies, including Bitcoin and Ethereum, which are classified as “analogues of currencies” rather than digital financial assets. However, the report added that the distribution and circulation of cryptocurrencies will only occur through licensed intermediaries such as banks.
Transactions over $8,000 will be reported
The report reveals that cryptocurrency transactions of 6,000 rubles (approximately $8,000) and above must be reported to the relevant authorities. Conversely, related transactions outside the jurisdiction would constitute a crime. In addition, fines will be imposed for the illegal adoption of cryptocurrencies as a means of payment once the bill becomes law. “The purpose of the regulation is to integrate the circulation mechanism of cryptocurrencies into the financial system and to provide control over cash flows in credit institutions,” the Russian government said in a statement.
Since last year, cryptocurrency regulation has been a major topic of discussion in Russia. The Bank of Russia has called for a general ban on cryptocurrencies, noting that the asset class poses a major threat to its current financial system. Ivan Chebeskov, representative of the Russian Ministry of Finance, called for regulation instead of ban.
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