Cryptocurrencies in Russia - New Virtual Money Announcement

According to the announcement by the President of Russia, Vladimir Putin, in October last year, the country in the world will start to associate with cryptocurrencies permanently. On Tuesday, the Russian government released a statement according to which it had reached an agreement with the central bank on how to regulate the digital currency. This will ultimately make cryptocurrencies in Russia very important.

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1 Thanks to the emerging law, cryptocurrencies in Russia will gain in importance

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Thanks to the emerging law, cryptocurrencies in Russia will gain in importance

It is officially known that the Russian authorities are currently cooperating with the local central bank on the draft law, which is to be implemented on February 18. Thanks to it, cryptocurrencies will go beyond being an ordinary digital financial asset and become an important currency in the country. At the moment, legal cryptocurrency trading in Russia requires full identification through the banking system or licensed intermediaries. Bitcoin transactions are not prohibited in the country, however, they must be performed through a licensed bank.

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The government has defined the future of digital currencies in Russia. Trading in such financial assets will be regulated by the state with strict obligations for all participants in the professional market and an emphasis on protecting the rights of ordinary investors
– wrote in a government statement.

Under the new law, cryptocurrency transactions with a value in excess of 600,000 rubles, i.e. ~ PLN 31,500, will have to be officially reported to the Federal Tax Service in order not to be considered a criminal act. Importantly, the state has proven more than once that it is very efficient in tracking and thwarting cryptocurrency mining. According to the Russian newspaper Kommersant, the new measures will enter into force in the second half of 2022 or early 2023 and will make cryptocurrencies regulated like foreign currencies.