Crypto News Russia
Crypto News
crypto news Russia has been on a roll, as the government and the central bank have reached an agreement to regulate the cryptocurrency industry. By February 18, the draft law is expected to be published, defining cryptocurrency as “digital financial assets,” or DFAs. The new law will allow for its use within the legal sector, but only when full identification is presented and through a bank or other licensed intermediary. The draft also says that the use of such cryptocurrency should be regulated and supervised by the federal government.
Earlier this year, the Bank of Russia proposed a blanket ban on cryptocurrencies. The bank claimed that the speculative nature of the digital currency was damaging to the country’s financial stability. It also proposed that financial institutions not facilitate crypto transactions. The report cited by Kommersant suggests that any crypto transaction worth more than RUB 600,000 will have to be registered and a fine will be levied against anyone found to be illegally accepting the cryptocurrency.
The ban on crypto is a significant development for the crypto industry in Russia. The central bank has proposed a blanket ban in January because of concerns over the financial stability of the country. The proposal would also prevent financial institutions from facilitating transactions in cryptocurrencies. According to the bank’s website, any crypto transaction over RUB 600,000 will have to be registered, and any financial institution that accepts cryptocurrency in violation of the law will face fines.
Crypto News Russia
Despite this, cryptocurrency is gaining momentum in Russia. Recently, the central bank of the country’s deputy governor proposed a blanket ban on cryptocurrencies, saying that the speculative nature of the technology was a threat to the country’s financial stability. Furthermore, the central bank plans to halt the activities of financial institutions that facilitate crypto transactions. The centralized bank may also be a good place to start mining, but these are still a long way off.
The Bank of Russia has also pushed for a complete ban on cryptocurrencies. The bank says that crypto’s speculative nature was a threat to the stability of the country’s economy. The government has also proposed a ban on cryptocurrencies in the banking system. If this happens, the central bank will stop the financial institutions from processing transactions in cryptocurrency. Further, the ban is expected to make cryptocurrency trading illegal in Russia.
In January, the Russian government’s central bank proposed to ban cryptocurrency trading altogether. The bank argues that cryptocurrencies are a risk to financial stability and has been widely accepted in Russia for many years. However, the ban on crypto is likely to continue to be a stumbling block, as the government’s regulatory body is attempting to limit its use. By banning cryptocurrencies, the Russian state has taken a step towards regulating them more broadly.