According to local media reports, the Russian government and the central bank have reached an agreement on the regulation of virtual assets.
Russia may soon recognize cryptocurrency as legal currency. This has been claimed in some local media reports of Russia on Wednesday. The report said that the Russian government and the central bank have reached an agreement on the regulation of virtual assets.
The report says that the Russian government will introduce a draft law on February 18, proposing to recognize crypto as an “analog of currency”.
Earlier this month it was reported that Russia’s central bank, the Bank of Russia, had called for a complete ban on cryptocurrencies, citing the “destabilizing effect” of cryptocurrencies on the country’s financial system. However, the new draft law that is coming now is just the opposite of this demand.
According to the report, an agreement has been reached between the Bank of Russia and the government on the “system of circulation of cryptocurrencies in Russia”. “Before February 18, they will prepare a draft law on the circulation of digital currency in Russia, recognizing cryptocurrencies as ‘analogues of currency’ and not as digital financial assets,” the report said.
Only transactions up to Rs 6 lakh will be allowed
The report also claimed that after the implementation of this law, only crypto transactions up to 6,00,000 rubles (about Rs 6 lakh) will be allowed. Transactions in excess of the limit of 6,00,000 rubles will attract a fine, he added.
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