Russia Treats Bitcoin as Currency!

11 February 2022 Internet, IT & e-Discovery Blog Blog
Author(s): Peter Vogel

CoinTelegraph.com reported that in Russian “Cryptocurrency transactions of more than 600,000 rubles (roughly $8,000) will have to be declared; otherwise, it could be considered a criminal act.” The February 9, 2022 article entitled “Russian government and central bank agree to treat Bitcoin as currency” included these comments:

Russia’s government and central bank are now working on a draft law that will define crypto as an “analogue of currencies” rather than digital financial assets set to be launched on Feb. 18.

Cryptocurrencies would function in the legal industry only if they have complete identification through the banking system or licensed intermediaries.

This news comes after months of speculation about how the Russian government will handle digital currencies. While it is still unclear what this decision will mean for businesses and citizens in Russia, it seems that the country is slowly warming up to the idea of cryptocurrencies.

Sounds like great Bitcoin news!

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