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Russian authorities set to regulate cryptocurrency

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Russian authorities are set to recognize digital assets as a form of currency and regulate it.

According to a Russian newspaper Kommersant, reported that the Russian government is expected to unveil ways to regulate cryptocurrency by February 18.

As Kommersant quoted that the government and the Bank of Russia have reached an agreement on how to regulate Cryptos. They are now preparing a draft law that will define crypto as an "analogue of currencies" rather than as digital financial assets.

The report also stated that it will only be possible to use crypto "in the legal sector" with full identification, through the blanking system, or via licensed intermediaries.

This happened after the Russian president Vladimir Putin had aimed for cryptocurrencies regulation in January said "Russia had advantages in crypto mining."

Stating by Kommersant report suggesting that fines will also be levied on those who illegally accept crypto as a means of payment.


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