Blockzeit
  • News
    • Bitcoin News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • AI
    • Markets
    • Investing
    • Technology
    • Trends
    • Switzerland
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
  • EnglishEnglish
    • EnglishEnglish
    • DeutschDeutsch
    • PortuguêsPortuguês
  • News
    • Bitcoin News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • AI
    • Markets
    • Investing
    • Technology
    • Trends
    • Switzerland
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
Blockzeit
No Result
View All Result
Home Trends
central bank of russia

central bank of russia

Russia Dispels Fears of Crypto Ban, Will Treat Bitcoin as Currency 

Tom Nyarunda by Tom Nyarunda
February 10, 2022
in Trends
Reading Time: 3 mins read
0
Share on FacebookShare on TwitterShare on LinkedinShare via WhatsappShare via Email

The Russian government will license cryptocurrency exchanges and tax large transactions. Users will have to declare Bitcoin transactions of over $8,000; otherwise, it could be considered a criminal act.

The Russian government and the country’s central bank have finally agreed on regulating cryptocurrencies, dispelling fears of an imminent ban. The official announcement brings to an end the back and forth between the two institutions regarding how to deal with digital assets. 

According to the announcement, the authorities have until February 18, 2022, to draft and present a crypto bill recognizing them as currencies. Cryptocurrencies will only function in the legal industry if they have complete identification through the banking system or licensed intermediaries.

Regulations instead of a ban

The Putin administration has been rather indecisive about approaching cryptocurrencies for the last few years. Most recently, some governing bodies had disputes on how to tackle them. On the one hand, Russia’s central bank proposed a total ban on anything crypto, citing the enhanced volatility that could threaten the country’s financial system.

On the other, though, the nation’s finance ministry preferred a softer approach by implementing regulations instead of a ban. However, the government now purposes to use the new law to integrate digital currencies into the financial system to “ensure control over cash flows in the circuit of credit institutions.” According to the proposal, digital asset transactions will be possible only through legalized intermediaries, such as exchanges and P2P platforms and banks. They will require complete identification.

Earlier this year, the Bank of Russia gave a report that proposed a total nationwide cryptocurrency ban warning about the speculative nature of the crypto industry. According to the bank’s report, it would be criminal for financial firms to facilitate crypto transactions if the ban on digital assets were enacted. 

The second major regulatory cloud to have been lifted in a month

However, the central bank’s proposal generated opposition from the Russian Ministry of Finance. A few days after the central bank’s call for a ban, Ivan Chebeskov, a ministry official, said that the government should regulate crypto rather than prohibiting it entirely. He warned that a total ban might result in Russia falling behind in technology. There were also reports that President Vladimir Putin supported efforts to regulate the country’s crypto mining sector.

Russia’s decision to eliminate what would have been draconian rules targeting the cryptocurrency industry becomes the second major regulatory cloud to have been lifted in a month. India, which has also been toying with the idea of banning cryptocurrencies, took a step last week toward legalization with a tax on digital asset transfers. While it carries a hefty rate (30%), the tax was seen by many as putting the fifth-largest economy on track toward legitimizing crypto. Government statistics in Russia show that there are at least 12 million cryptocurrency accounts and about 2 trillion rubles ($26.7 billion) worth of crypto.

1a49ddd7 d169 48a0 a252 3fc3a2ad01bb 1
Tom Nyarunda

Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.

Previous Post

Is Axie Infinity Too Expensive?

Next Post

NBA Top Shot NFT Quick Guide

Related Posts

tech trends

A Glimpse Into The Future: The Top 5 Tech Trends Of 2024

by Giancarlo
September 24, 2023
0

As we stand at the brink of 2024, the world of technology is poised for yet another transformative year. The...

Friend.tech

Friend.tech: The Rising Star Of Token2049 And Redefining Social Media In The Crypto World

by Giancarlo
September 18, 2023
0

At this year's Token2049 Web3 conference in Singapore, a new player emerged as the star of the show — Friend.tech....

Ben Armstrong

Ben Armstrong Is Back With A New Crypto Channel

by Rickie Sanchez
September 15, 2023
0

Despite setbacks, Ben Armstrong is determined to reshape his online presence and continue his journey in the cryptocurrency space, emphasizing...

Load More

Get updates to your inbox!

Subscribe to our mailing list to receive daily updates!

Find the next Crypto Gem on KuCoin copy

FOLLoW US:

Blockzeit Logo 10 1

Blockzeit was founded in 2021 in Switzerland with the mission of bridging the gap between the complex blockchain technology and the general public. Blockzeit is a news and education platform that aims to make blockchain more accessible and bring more transparency to the scene.

Popular Categories

Categories
  • AI
  • Bitcoin News
  • Blockchain Terms
  • Business
  • Buy Cardano
  • Education
  • Investing
  • Markets
  • Metaverse
  • NFTs
  • Politics
  • Press Release
  • Switzerland
  • Technology
  • Trends

Important Links

  • Privacy Policy
  • Disclaimer
  • About us
  • Contact us
  • Blockchain Jobs
  • Events

Contact & Social

For guest posts, contact us via info@blockzeit.com

 

Contact: info@blockzeit.com
Press: press@blockzeit.com

Facebook Twitter Linkedin Instagram
  • Home
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
  • Education
  • Events
© Copyright by Blockzeit.com. All rights reserved.

Disclaimer

Claim your €10 Bitvavo Welcome Bonus

Sign Up Now
No Result
View All Result
  • News
    • Bitcoin News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • AI
    • Markets
    • Investing
    • Technology
    • Trends
    • Switzerland
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
  • DeutschDeutsch
  • PortuguêsPortuguês

© 2021 Blockzeit by Blockzeit.