See More

Russia Moves Closer to Accepting Crypto as a Currency

2 mins
Updated by Nicole Buckler
Join our Trading Community on Telegram

In Brief

  • The Russian government will accept crypto as a form of currency
  • The decision marks a shift in policy
  • Cryptos will be classed as an “analog of currencies”
  • promo

Russia may soon become the latest country to accept cryptocurrency as a form of payment as the central bank and government agree on regulation.

The decision marks a shift in policy after the Bank of Russia last month proposed to outlaw cryptocurrency mining, trading and its usage

According to a report from the Ministry of Finance, cryptos will be classed as an “analog of currencies,” rather than digital financial assets. The proposal was approved after a meeting with Deputy Prime Minister Dmitry Grigorenko and will take effect on February 18th, 2022.

The report says crypto purchases may only be made with full identification via locally-registered and licensed companies. All data must be shared with government agencies. 

Transactions greater than $8,000 must be declared and unlicensed activities will be considered a criminal offense.

Russia and Regulation

Some of the new regulation on digital currencies will take effect in the second half of 2022 or from 2023, the report said.

Both the Bank of Russia and Rosfinmonitoring, Russia’s anti-money laundering agency, will monitor transactions.

Russia Crypto

Russia has an ambivalent stance on crypto as an asset class. It does not consider bitcoin to be legal tender and the Central Bank has historically considered cryptocurrencies a threat to the financial stability of the country.

Last week, Anton Siluanov, Russia’s Minister of Finance, repeated his ministry’s view that crypto should be regulated rather than banned, suggesting banks should take the lead. 

Siluanov claims Russians hold around $26bn in crypto assets, approximately 7% of the population.

Cryptocurrencies could account for 15% of Russia’s GDP. A recent report by a Russian outlet says that the government could collect 1 trillion rubles worth around $13 billion in digital currency tax every year.

Have you got something to say about this story or anything else? Then join the discussion in our Telegram channel.  

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

evgeniya-likhodey.jpg
Evgeniya Likhodey
Evgeniya is a crypto journalist who has been writing about digital assets for the last 5 years. She strongly believes that high-quality content is important for popularizing the ideas of decentralization.
READ FULL BIO
Sponsored
Sponsored