The regulation of bitcoin as a “currency analogue” in Russia is about to become a reality, since the Government and the Central Bank of the country have been involved in developing a bill for this. As reported yesterday by the local press, they intend to present said document on Friday, February 18.
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Through this project, Russia wants to recognize the world’s best-known cryptocurrency as an equivalent to its official currency: the ruble. The Russian newspaper Kommersant states that the government’s idea is not that Bitcoin becomes a “currency analogue” instead of being a digital financial asset.
It should be noted that this decision implies a drastic change of attitude on the part of the Russian authorities, since in December the opinion about cryptocurrencies in the country was clearly negative. Specific, the head of the Central Bank of Russia, Elvira Nabiulina, expressed her opposition to their entering the Russian financial system due to their high volatility and the use made of them in illegal transactions.
Despite the harsh criticism that digital money received at the end of last year, Russia does not prohibit the possession or use of cryptocurrencies in transactions. Currently, this exchange of money has to be carried out in authorized exchanges for these exchange operations.
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With the law that Russia wants to carry forward, transactions over 600,000 rubles in value (slightly more than 7,000 euros) must be declared compulsorily. People who resort to alternative channels to carry out illegal transactions with cryptocurrencies will be fined.
According to those behind this law, Its objective is to protect citizens from problems related to the use of this type of currency.. In addition, with this regulation, Russia will be able to create a licensing mechanism for cryptocurrency suppliers so that a transparent market is possible.
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