Russia implements new crypto rules, as banks adapt to new exchanges

Monday 10 August 2020 09:46 CET | News

Russia has introduced new rules regarding the use of cryptocurrency its borders, coming into effect in January 2021. 

Cryptocurrencies like Bitcoin, Ether, and others can be traded, but no goods and services in Russia are allowed to be priced in it. Any transaction for items involving cryptocurrencies must involve an exchange for rubles first. More clarity came out of the Kremlin on July 31 when Vladimir Putin signed the new cryptocurrency law. It goes into effect in January 2021. The law defines digital currency as ‘an aggregate of electronic data capable of being accepted as the payment means, not being the monetary unit of the Russian Federation or a foreign state, and as investments’. The digital currency cannot be used to pay for any goods and services. 

Russian banks and exchanges will be allowed to open cryptocurrency exchanges, if they register with the central bank. There is some hope that the government will also make clear its rules on specific industries, like Bitcoin mining, and put forth a long-term commitment for both blockchain and crypto. Russians in this space have be clamouring about it for at least three years, according to Forbes.

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Keywords: Russia, crypto rules, cryptocurrency, banks, exchanges, Bitcoin, ether, Vladimir Putin, Kremplin, cryptocurrency law, digital currency, Russian Federation, crypto exchanges, Bitcoin mining, blockchain
Categories: DeFi & Crypto & Web3
Countries: Russian Federation
This article is part of category

DeFi & Crypto & Web3