The new Russian law to accept crypto as a valid currency

Bitcoin is stepping further into the global economy. 🪙 engineering

It seems the leader was true to his word as the Russian governmentreached an agreement with its central bank on how to regulate cryptocurrencies.

The two together are working on a draft law, set to be launched on February 18, that will see crypto go beyond being a mere digital financial asset to becoming a valid currency."The government has determined the future of digital currencies in Russia. The turnover of such financial assets will be regulated by the state with strict obligations for all participants in the professional market and an emphasis on protecting the rights of ordinary investors," said the government statement.

Currently, cryptocurrencies in Russia need to have complete identification through the banking system or licensed intermediaries in order to function legally. Bitcoin transactions are not prohibited in the Russian nation; however, they must be executed through a bank with a universal license or a peer-to-peer exchange licensed in the country.

the Bank of Russia, the Ministry of Finance, the Ministry of Economic Development, the Federal Taxation Agency, the Ministry of the Interior, the Federal Security Service, the Prosecutor General's office, and anti-money laundering watchdog Rosfinmonitoring. , the new measures will see cryptocurrencies regulated just like foreign currencies and will come into effect in the second half of 2022 or early 2023.

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