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Russian Authorities Reveal New Crypto Regulatory Plans
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[QUOTE="minenovo, post: 214549, member: 47265"] 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. [URL='https://deposit-withdraw.com/russian-authorities-reveal-new-crypto-regulatory-plans/']Source[/URL] Frankly, I think that under these circumstances it’s no wonder they didn’t ban cryptos but intend to tax them instead. [/QUOTE]
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