Russian Authorities Reveal New Crypto Regulatory Plans

[minenovo]

Despite recent reports that Russia is gearing up to ban cryptocurrencies, it turns out that the situation is not so bleak after all. In fact, it turns out that the government and The Bank of Russia actually reached an agreement to recognize BTC as a foreign currencies and not a digital asset and to essentially regulate cryptocurrencies.

Apparently a draft of the law will be presented for inspection on February 18th. People are speculating that cryptocurrencies would probably only be available via the banking system or licensed exchanges, or other overseen intermediaries.

What is more, all transactions above 600,000 rubles (that’s around 8000 USD) will have to be declared and any transactions that aren’t declared will be treated as a criminal offense.

Some context for this decision – according to the Russian Ministry of Finance, there are some 12 million crypto wallets in the country and they are worth som 2 trillion rubles. There are reports that Russians own some 16 trillion rubles in crypto. The Russian government could collect a whopping 13 billion US dollars from crypto taxing alone.
Source
Frankly, I think that under these circumstances it’s no wonder they didn’t ban cryptos but intend to tax them instead.

 

[sincerem]

Regulation isn't bad, if the Russian government sees the need for that, their is no problem to regulate cryptocurrencies. Just that, it is created not to be regulated by the government completely, but in some ways, it is okay for the government to regulate it someway, to cut down high level scams going through the block-chain or around the country.

What I did not understand about you mentioning, is the place where you mentioned about 'declaration of digital assets that exceeds 8,000$ in the country. Does it mean that, if the asset is above, $8,000 it will simply be monitored and regulated before it gets approved to go into it's destination? I am simply keeping close call seeing how this regulation stuffs gonna go, because it isn't an easy one to regulate cryptocurrencies, due to its anonymous nature. You can simply regulate fiat currencies better, because they are centralized, but crypto isn't that way, because it is decentralized. It isn't meant for the government to regulate, rather it is the power to the people. Even in China some citizens still trade crypto anonymously, it is simply above the power of the government to regulate, let's just see how it goes.