Russia to Recognise Crypto as Legal Currency

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Russia to Recognise Crypto as Legal Currency
10 Feb 2022
6 min read

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News Synopsis

The Russian government is bringing out draft legislation aimed at recognising crypto as an “analogue of currencies” on February 18.  The country is likely to recognise cryptocurrency as a form of legal currency. According to local media reports, the central bank of Russia and the government have arrived at an agreement for the regulation of cryptocurrency.

The report also said that the Bank of Russia has called for a blanket ban on crypto-related operations citing their potential destabilising effect on the country’s finances. The reports based on a Russian government document said that a crypto transaction of only up to 600,000 rubles will be permitted after the changes in the law are brought into effect.

It mentions that the Russian government is planning to prepare a draft law on the circulation of digital currencies in the Russian Federation by February 18. Under this draft law, cryptocurrencies will be recognised as an analogue of currencies and not as digital financial assets.

There is also a possibility that a new regulation that legalises cryptocurrencies will be implemented in the second half of 2022 or from the start of 2023. It is also claimed that the Bank of Russia and Finance Ministry of Russia would either draft a separate bill or move amendment legislation to change the law.

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