Russia to legalize crypto as means of payment

2022-4-15 18:40

The Russian Ministry of Finance is close to finalizing the draft bill on cryptocurrency regulations and intends to legalize crypto as a means of payment, Russian newspaper Kommersant reported on April 15.

The bill also touches on mining and may give the local industry much-needed clarity. It also introduces concepts of professional and non-professional purchasers and the need to establish rules of trade.

 The “On Digital Currency” Bill

Under the bill seen by Kommersant, crypto will become a recognized payment method that is “not a monetary unit of the Russian Federation.”  Crypto will also be validated as an investment.

However, the bill is not equal for all, and only cryptocurrencies that “do not have an obligated person” will be considered legal in the country. This likely means that one will be able to pay with Bitcoin (BTC), but not stablecoins like Tether.

It is unclear which cryptocurrencies Russia will favor.

Meanwhile, the bill will also place restrictions on who can register as an exchange operator or a digital trading platform operator. The former will have a regulatory requirement of 30 million rubles, while the latter will be required to show 100 million rubles before it can receive approval to operate in Russia.

Companies operating in the crypto space will also be required to make regulatory filings and announcements, much like traditional financial institutions are. Additionally, any foreign entity that wants to operate in Russia will have to set up a unit in the country.

Backlash on restrictions

Experts believe the stringent requirements will cause many investors to turn to the black market and other illegal options. They argue that only the largest financial institutions will be able to operate as trade operators or exchange operators.

Additionally, Russians are not prohibited from using foreign exchanges but they will be forced to use local options and their bank accounts to cash out. According to Andrey Tugarin, managing partner at law firm GMT Legal”

“It will be impossible to sell or buy digital currencies without passing identification. The operator will be able to deposit and withdraw fiat currencies only through banks using a bank account.”

The post Russia to legalize crypto as means of payment appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Render Payment (RPM) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 RPM

payment russian means legalize crypto intends newspaper

Источник: cryptoslate.com

payment russian → Результатов: 55


Russians Have Invested $67 Billion In Crypto As The CBR Flirts With A Ban

According to a recent report by a Russian lawmaker, the country’s citizens have invested over 5 trillion rubles ($67. 5 billion) in the crypto market, but the regulatory terrain remains hostile and unclear with the governor of the Central Bank of Russia increasingly hinting at a highly regulated environment Cryptocurrencies have had legal status in Russia since 2020, although it is forbidden to use them as means of payment in the country.

2021-12-23 02:00


“We Have A Negative Attitude Towards Cryptocurrencies,” says Russian Central Bank Official

While Russian President Vladimir Putin supports crypto as a means of payment, the country’s central bank remains skeptical about them. “We are advocating for Russia’s financial infrastructure not to be used for investments into cryptocurrencies, and this is possible to implement,” Governor Elvira Nabiullina told a briefing on Friday.

2021-12-18 22:11


Фото:

Russians Can Use Qiwi, Sberbank, Yandex Money and Now Binance P2P Exchange to Buy Bitcoin With Rubles

A growing number of platforms allow Russian residents to purchase cryptocurrencies with local fiat money. Established cryptocurrency exchanges are not the most trouble-free option, however, as they often require extensive registration and rarely support popular payment methods in the region, unlike small online exchangers and peer-to-peer platforms.

2020-2-13 02:10


Фото:

QIWI Payment Network CTO ‘Mined 500,000 Bitcoins’ In 2011 Before Losing Them

The former CTO of Russian electronic wallet and payment network QIWI once had a personal wealth of half a million bitcoins — but lost them. 3 Months, 4. 1 Billion USD The extraordinary claims came to light as part of an interview with CEO Sergey Solonin, who told the audience during a Moscow lecture on July 25 that the CTO had used the company’s ubiquitous payment terminals to mine bitcoin, starting in 2011.

2018-7-26 22:00


Чарли Ли: Litecoin может дополнить Lightning Network биткоина

Создатель Litecoin (LTC) Чарли Ли уверен, что его криптовалюта станет отличным дополнением Lightning Network, а сама технология может вскоре стать децентрализованной биржей. Litecoin will also be the easiest onramp onto the Lightning Network.

2018-7-13 08:44


дальше еще 6 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Michael Saylor is willing to advise Trump on the crypto policy

MicroStrategy Inc. co-founder and executive Chairman Michael Saylor says he is willing to advise Trump on cryptocurrency policy when the crypto advisory council is set. During the Dec. 18 episode of the Open Interest show on Bloomberg Television, Saylor voiced…