‘Regulating crypto’; It turns out to be a tricky issue for each country. One country chooses to adopt it as an everyday means of payment, where as another completely bans it. After China, political superpower Russia also seemed to allow a completele ban of crypto in the country.
The Russian central bank is absolutely not a fan of crypto. This is evident from a report they released on everything related to digital currencies. This showed not only that they are not fans of it, but also that they would prefer to ban crypto completely.
Consequently, the Russian government and the Bank of Russia have been intensely discussing this cryptocurrency issue recently. Should crypto be banned or not, that was the question? Now the decision has been made. In Russia, crypto will remain legal. It is recognized as a real currency and not as a digital financial asset. This is reported by the Kommersant, one of the largest Russian newspapers.
An official statement from the parties themselves is still pending, but by February 18th, a bill will be drafted describing everything crypto related.
However, there is a side note to the story. Legal trading of cryptocurrency will only be possible in Russia if you are fully identified – KYC’d. This way, the Russian government does know who trades and what happens in the Russian crypto markets. What’s not the case in many other countries.
Earlier, there was also talk of a possible ban on cryptocurrency mining in Russia. But nothing has been announced meaning we will have to wait quietly…