Russian gov agreed to regulate crypto like currencies, not not assets

[hugeblack]

From this newspaper that is nationally distributed in Russia: https://www.kommersant.ru/doc/5206307

The Russian government and the Bank of Russia have agreed to regulate cryptocurrencies like currencies, not assets

before February 18, they will prepare a draft law on the circulation of digital currencies in the Russian Federation, in which cryptocurrencies are recognized as an analogue of currencies, and not digital financial assets (DFA).

Their circulation in the legal sector will be possible only with full identification, through the banking system or licensed intermediaries. Operations equivalent to more than 600 thousand rubles must be declared, transactions outside the legal sector for such amounts will become a criminal offense and an aggravating circumstance under the Criminal Code, fines will be introduced for the illegal acceptance of cryptocurrencies as a means of payment. Mining and related issues of DFA are not affected by the concept within which the project is being prepared.

The government, after meetings with Deputy Prime Minister, Chief of Staff of the White House Dmitry Grigorenko, published the approved "Concept for regulating the mechanisms for organizing the circulation of digital currencies."

The details of the "transition period", as well as mining, are not discussed by the concept.

Source and read more -->  https://www.reddit.com/r/Bitcoin/comments/so7ru7/the_russian_government_and_the_bank_of_russia/

Sorry, I did not quote the text above, but the topic published by u/dimitrisnikolaou is worth reading, so I advise you to visit the link for more details.


It seems that what is happening here is huge and bigger than El Salvador's adoption of bitcoin as a currency, people still need to KYC but that may not include HODLING (buying bitcoin and not using it for several years)

[bitmover]

before February 18, they will prepare a draft law on the circulation of digital currencies in the Russian Federation, in which cryptocurrencies are recognized as an analogue of currencies, and not digital financial assets (DFA).

I think this is a complicated matter. Some cryptocurrencies are not currencies, specially tokens.

IMO, just bitcoin, ETH and a few others are really currencies. Most of them are financial assets (and they are even run by companies , like XRP ).
Let's see how will this legislation develop.

I found  an article in cointelegraph talking just about bitcoin:
https://cointelegraph.com/news/russian-gov-t-and-central-bank-agree-to-treat-bitcoin-as-currency

It seems that what is happening here is huge and bigger than El Salvador's adoption of bitcoin as a currency, people still need to KYC but that may not include HODLING (buying bitcoin and not using it for several years)

We need KYC to buy fiat currencies as well. We can avoid KYC sometimes, but it will be always hard to do so.

[SFR10]

and the Bank of Russia have agreed to regulate cryptocurrencies like currencies, not assets

I'm having mixed feelings about this... Not sure what happened that they suddenly changed their stance from a blanket ban to this ^{[I'm probably going to sound like a pessimistic person, but it feels like a trap to me (especially with the imposed restrictions in regards to their circulation)]}.
^{- There are still issues surrounding undeclared cryptocurrencies...}

[avikz]

Please wait until 18th Feb 2022. That's the date when the Russian government will release their draft legislation for further debate and discussions. It's a good move to regulate bitcoin as a currency because that is what it is. But I am very curious to know how they want to do it! Definitely they are not going replace rubble and they are not going to accept bitcoin as a legal tender. So it's very interesting to see how they want to regulate it as a currency.

But I would request everyone, not to believe a Communist government because things can become very different that it looks like. There could be a huge difference between what they are saying now and what they have planned for the future.

[YOSHIE]

The Russian government and the Bank of Russia have agreed to regulate cryptocurrencies like currencies, not assets.

I find it difficult to understand the meaning and purpose of Russia, points (not assets). The method.

Isn't it, the main foundations of crypto are driven by law as I quote below.

Cryptocurrency is a digital asset designed to be a medium of exchange using strong cryptography to secure financial transactions, control the process of creating additional units, and verifying the transfer of assets.

I can't wait to hear new ideas and news, what Russia wants to do with crypto, I'm really curious.

[usekevin]

Please wait until 18th Feb 2022. That's the date when the Russian government will release their draft legislation for further debate and discussions. It's a good move to regulate bitcoin as a currency because that is what it is. But I am very curious to know how they want to do it! Definitely they are not going replace rubble and they are not going to accept bitcoin as a legal tender. So it's very interesting to see how they want to regulate it as a currency.

Seems they gonna make a positive move of legalized bitcoin in their country.Russia with huge amount of individual billionaire, so the people of Russia gonna make a huge change in the price of bitcoin.Since they legalized, surely the price of bitcoin gonna had some changes soon.

But I would request everyone, not to believe a Communist government because things can become very different that it looks like. There could be a huge difference between what they are saying now and what they have planned for the future.

It's seems to be a agreed one. But I had a question, why should the communist government gonna a make a law based on the cryptocurrency. The communist government will try to control the bitcoin after the legalization. But may or maynot be positive impact in the price of bitcoin.

[goldkingcoiner]

From this newspaper that is nationally distributed in Russia: https://www.kommersant.ru/doc/5206307

The Russian government and the Bank of Russia have agreed to regulate cryptocurrencies like currencies, not assets

Its a bit confusing to think this wouldn't be seen as good news and yet the Bitcoin price keeps dropping, even in light of this news. Is the regulation for currency somehow of a lesser advantage than the regulation of an asset? Surely you have pay taxes on both... And if anything, the fact that it is regulated as a currency could mean a door opening for the legalisation of Bitcoin as legal tender? Like in El Salvador?

[zasad@]

Please wait until 18th Feb 2022. That's the date when the Russian government will release their draft legislation for further debate and discussions. It's a good move to regulate bitcoin as a currency because that is what it is. But I am very curious to know how they want to do it! Definitely they are not going replace rubble and they are not going to accept bitcoin as a legal tender. So it's very interesting to see how they want to regulate it as a currency.

But I would request everyone, not to believe a Communist government because things can become very different that it looks like. There could be a huge difference between what they are saying now and what they have planned for the future.

This is a link to a good source(RU)
https://tass.ru/ekonomika/13754269
Nothing changed. The Central Bank wants to neutralize cryptocurrencies in Russia as much as possible by banning banks, commercial organizations, etc. And the Ministry of Finance wants to regulate this area. But there is no result yet. It is not even clear what taxes will have to be paid.
__
Just do not write more about the Communist government, this is complete nonsense.

[Poker Player]

But I would request everyone, not to believe a Communist government because things can become very different that it looks like. There could be a huge difference between what they are saying now and what they have planned for the future.

This is a link to a good source(RU)
https://tass.ru/ekonomika/13754269
Nothing changed. The Central Bank wants to neutralize cryptocurrencies in Russia as much as possible by banning banks, commercial organizations, etc. And the Ministry of Finance wants to regulate this area. But there is no result yet. It is not even clear what taxes will have to be paid.
__
Just do not write more about the Communist government, this is complete nonsense.

Fuck! That article tells a completely different story from the OP. There has been no progress and what the Bank of Russia wants is to ban and ban.

What I liked about what was said in the OP is the limit below which you didn't have to declare. The problem we are facing around the world is that in the vast majority of countries Bitcoin has been regulated analogously to some stocks or mutual funds. So, if you go and pay for a coffee with Bitcoin, you would have to declare that as a partial sale of your holdings. Setting a limit below which it cannot be declared avoids the problem and helps it to become an everyday currency.

But well, it looks like Russia is going the other way now.

[zasad@]

But I would request everyone, not to believe a Communist government because things can become very different that it looks like. There could be a huge difference between what they are saying now and what they have planned for the future.

This is a link to a good source(RU)
https://tass.ru/ekonomika/13754269
Nothing changed. The Central Bank wants to neutralize cryptocurrencies in Russia as much as possible by banning banks, commercial organizations, etc. And the Ministry of Finance wants to regulate this area. But there is no result yet. It is not even clear what taxes will have to be paid.
__
Just do not write more about the Communist government, this is complete nonsense.

Fuck! That article tells a completely different story from the OP. There has been no progress and what the Bank of Russia wants is to ban and ban.

What I liked about what was said in the OP is the limit below which you didn't have to declare. The problem we are facing around the world is that in the vast majority of countries Bitcoin has been regulated analogously to some stocks or mutual funds. So, if you go and pay for a coffee with Bitcoin, you would have to declare that as a partial sale of your holdings. Setting a limit below which it cannot be declared avoids the problem and helps it to become an everyday currency.

But well, it looks like Russia is going the other way now.

Most people in Russia are satisfied with this situation. While the Central Bank and the Ministry of Finance are arguing about the bill and making their proposals, the owners of cryptocurrencies do not need to pay taxes and receive additional problems.Time is our ally, thanks to the lack of regulation in Russia, about 20 million people are already using, studying, investing in cryptocurrencies.