Russia will legalize crypto

1 min reading
Russia will legalize crypto

Russia is preparing for the possible legalization of cryptocurrency trade. For a long time, the parliament has been waiting for this decision.

Legal solutions

In February this year, it was announced that Russia should have written new laws regarding digital economy. Federal regulations would also include establishing transactions in an electronic form and regulations regarding digital assets. According to reports, Parlamentskaya Gazeta, the Russian Minister of Finance and the head of the central bank are working on the law. Projects in which cryptocurrencies are to be legal have been drafted, while discussions about their status as a means of payment are still ongoing. The central bank is against the whole idea.
The regulations prohibit mutual transactions between legal and natural persons. It seems that the bill is about defining cryptocurrencies as securities.
That's how Nina Efimova, working in the government department dealing with legal regulations in the field of economics, comments this case.

Consequences

Legalization of crypto trade in Russia can have extremely positive effects for the entire industry. Russia is one of the leaders in the Bitcoin trade, despite the hard domestic policy that prohibits the mining and use of it. This meant a fall in the credibility of Bitcoin. Regulations in Russia can also make people simply gain more confidence in coins. More and more people will be able to enter this industry and find out that it does not bring so much controversy.

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