Russia is about to recognize Bitcoin and other crypto assets as currency

According to local portals, the authorities in Russia will recognize bitcoin and assets cryptocurrency another is a form of currency.

The Russian newspaper Kommersant has news this morning (February 9) and later posted on Twitter that the government and the Central Bank of Russia had reached an agreement on how to regulate cryptocurrency. They are currently preparing a draft law, scheduled for publication on February 18, that will define cryptocurrency is “a currency” rather than a digital financial asset.

Правительство и Банк России договорились о будущем режиме обращения криптовалют в России: до 18 февраля они подготовят законопроект об обращении цифровых валют в РФ, в котором криптовалюты признаются аналогом валют, а не цифровых финансовых активов ...https://t.co/htoUwUUUoz

— оммерсантъ (@kommersant) February 8, 2022

The report adds that cryptocurrencies can only be used “in the legal field” with full identification, either through the banking system or through licensed intermediaries.

The Kommersant also reports that the Cryptocurrency trading more than 600,000 rubles (approximately $8,000) will be required to report or face criminal charges if concealed. Fines will also be imposed on those who illegally accept cryptocurrencies as a means of payment.