Russia and central Bank agreed to legalize cryptocurrency as a form of currency

[Hamaber]

Another great new in 2022 for the crypto users. I am telling it good because it is good than a full ban about which central bank was thinking.

There was a worry from the central ban who called for a ban on bitcoin in Russia in the previous month but on Tuesday in their announcement they along with the Russian government agreed to legalize and regulate the cryptocurrency as a currency for the country. On 18th Feb they will launch a draft for that step

It means that now this community will be increased much more and the crypto field will see more development and seeing this other countries will also accept crypto as their currency.

Their attempt of this step is to handle the usage of bitcoin and other coins in the country because they government do not want to ban it and central bank asked for a ban on it.

But for the transactions more than 600,000 rubles which is around $8000, there will be tax

https://www.coindesk.com/policy/2022/02/09/russia-to-license-crypto-exchanges-tax-large-transactions/

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[Ozero]

I did not even expect that in Russia they could make such a decision. This is really very good news for the cryptocurrency market and, apparently, the prices in the market will go up now. But earlier in Russia they argued that they could not allow the circulation of cryptocurrency as a means of payment, since it is written in their Constitution that the only means of payment in the country is the ruble. Has the current international sanctions and the threat of other, more stringent ones forced to change the attitude towards cryptocurrency, especially on the part of the Central Bank, which until then was categorically against its legalization? Apparently, finances in Russia have become very tense, and the legalization of cryptocurrency with the introduction of a tax will make it possible to receive many billions of dollars in cash, and, on the other hand, to bypass international sanctions and hide your capital.

[Poker Player]

Russia seems to be lurching on this issue as China has been doing for the last 10 years as well, no? Surely they have seen a mine in taxes that they do not want to let go, despite the possibility that Bitcoin gives privacy from the Government and Central Banks, but if they have studied the subject, they know that the vast majority of people buy and sell in centralized exchanges. Many even hold their coins there, so it will be very easy to tax them.

[avikz]

While it's mostly positive, but let's wait for the draft to come out on 18th Feb. It's good that it will be regulated as a currency and not as an investment because that's what bitcoin is. But it's interesting to know how they will deal when bitcoin will be used as an investment and not as a currency. There muat be some provisions around it because its value changes quite frequently.

But as a thumb rule, let's not believe a communist government.

[cryptoaddictchie]

But as a thumb rule, let's not believe a communist government.

Everyone is bullish on this matter but Ive got a feeling too that theres some doubt since they likely probably of Chinas internal agenda. Probably there would be a shocking draft that will be made by them. But let see, as far as it goes the news really become bullish for bitcoin and crypto currency market. I do hope their writes up are good and will be accepted by russian community unlike others whom especially on tax arent really acceptable.

[Gozie51]

This regulation news instead of planned ban will increase the volume of the general market and bitcoin will fly this year. During February that the draft document will be out, we can be sure of a bull volatility. However I can't put my fingers on the reason Russia is making this step at this time.

[Henrobakkara]

Another great new in 2022 for the crypto users. I am telling it good because it is good than a full ban about which central bank was thinking.

There was a worry from the central ban who called for a ban on bitcoin in Russia in the previous month but on Tuesday in their announcement they along with the Russian government agreed to legalize and regulate the cryptocurrency as a currency for the country. On 18th Feb they will launch a draft for that step

It means that now this community will be increased much more and the crypto field will see more development and seeing this other countries will also accept crypto as their currency.

Their attempt of this step is to handle the usage of bitcoin and other coins in the country because they government do not want to ban it and central bank asked for a ban on it.

But for the transactions more than 600,000 rubles which is around $8000, there will be tax

https://www.coindesk.com/policy/2022/02/09/russia-to-license-crypto-exchanges-tax-large-transactions/

This doesn't mean they want to make it their currency but legalizing cryptocurrencies means it is no longer illegal to trade any cryptocurrency assets in Russia as against if it was banned. This is certainly good news for the space because as more world power countries legalize the trade of cryptocurrencies, this will bring more adoption from major sectors of the countries economy and will also influence other lower countries to see Cryptocurrencies on a positive note.

[ultrloa]

Another great new in 2022 for the crypto users. I am telling it good because it is good than a full ban about which central bank was thinking.

There was a worry from the central ban who called for a ban on bitcoin in Russia in the previous month but on Tuesday in their announcement they along with the Russian government agreed to legalize and regulate the cryptocurrency as a currency for the country. On 18th Feb they will launch a draft for that step

It means that now this community will be increased much more and the crypto field will see more development and seeing this other countries will also accept crypto as their currency.

Their attempt of this step is to handle the usage of bitcoin and other coins in the country because they government do not want to ban it and central bank asked for a ban on it.

But for the transactions more than 600,000 rubles which is around $8000, there will be tax

https://www.coindesk.com/policy/2022/02/09/russia-to-license-crypto-exchanges-tax-large-transactions/

This doesn't mean they want to make it their currency but legalizing cryptocurrencies means it is no longer illegal to trade any cryptocurrency assets in Russia as against if it was banned. This is certainly good news for the space because as more world power countries legalize the trade of cryptocurrencies, this will bring more adoption from major sectors of the countries economy and will also influence other lower countries to see Cryptocurrencies on a positive note.

This is indeed positive news to us knowing that there is something huge backing it up and for its announcement for sure this contribute to the growth of bitcoin.  And for what Russia did for sure other super power countries will seek their own legalization of bitcoin knowing that this could give them another income which can help their economy to boost up if they regulate it on their country.

[buwaytress]

Considering Russia household income per capita, IMO it's rather high.

It's high even in majority of the European Union, based on min wage values, so yeah, at face value, certainly doesn't seem unreasonable to tax such a high limit for the average Russian -- and if that's per exchange, nothing to stop people from using several exchanges to break amounts up.

Probably a fairer tax implementation than the vagueness of India's.

[coolcoinz]

Russia is a funny country when it comes to policies.
Here's some retrospection for those who don't remember or weren't here in 2017-19

Oct 10, 2017
Putin Condemns Bitcoin, Calls for Russian Ban of Digital Currencies
https://cointelegraph.com/news/putin-condemns-bitcoin-calls-for-russian-ban-of-digital-currencies

President Vladimir Putin said on Tuesday crypto-currencies were risky and used for crime, as Russia’s central bank said it would block websites selling bitcoin and its rivals - a change of tone from a month-old promise to legalize the market.
https://www.reuters.com/article/us-russia-cenbank-bitcoin/russia-turns-cold-on-crypto-currencies-idINKBN1CF0RF

Jun 10, 2019
The Russian State Duma is considering imposing administrative responsibility for mining cryptocurrencies.
https://cointelegraph.com/news/russian-parliament-considers-imposing-fines-on-crypto-mining-by-end-of-june


First they banned it in 2014, then tried to ban it again in 2017 but the bill did not pass, they tried to launch their own centralized crypto but ultimately didn't, then they tried to ban mining, now they're trying to legalize it.... It seems that if you live in Russia you never know what the day will bring. You may be operating a legal business one year, the next year they shut you down and put you in jail, and a year later they let you go because they changed their minds.

[ChiBitCTy]

I am definitely surprised that dictator controlled Russia actually made this decision, I would have expected them to take the route as China did, being that they are both counties that only care about controlling everything in the lives of their citizens. But some positive news that’s for sure.

[TribalBob]

one good news, this can make bitcoin price strengthen to 50k$ it should be if there is no more negative fud
let's wait for the surprise on the 18th later, what will happen and what rules are issued by the russian government that will legalize BTC which we know for sure with legalization there will be taxes that follow

[aoluain]

I think this makes sense at this current time for Russia at a stage when they
could be facing further sanctions from the U.S and Europe.

Bitcoin I would imagine helps counteract sanctions. It would also offer a
good option to sell the dollars they get for oil and buy Bitcoin.

I believe this current news moves Bitcoin into the same taxable band as
currency rather than stocks which I think is a positive thing for everyone in Russia?

[hyudien]

So far I am still waiting for an official decision from the Russian board, considering that this result will determine how the market will move bullish or even like what happened in mid-January on the contrary. Considering Russia is still trying to make considerations that will soon be carried out tomorrow. So we can feel these results after the first deployment was launched. The impact on the crypto market will become very clear.

[KaliLinux]

Russia is a funny country when it comes to policies.
Here's some retrospection for those who don't remember or weren't here in 2017-19

Oct 10, 2017
Putin Condemns Bitcoin, Calls for Russian Ban of Digital Currencies
https://cointelegraph.com/news/putin-condemns-bitcoin-calls-for-russian-ban-of-digital-currencies

President Vladimir Putin said on Tuesday crypto-currencies were risky and used for crime, as Russia’s central bank said it would block websites selling bitcoin and its rivals - a change of tone from a month-old promise to legalize the market.
https://www.reuters.com/article/us-russia-cenbank-bitcoin/russia-turns-cold-on-crypto-currencies-idINKBN1CF0RF

Jun 10, 2019
The Russian State Duma is considering imposing administrative responsibility for mining cryptocurrencies.
https://cointelegraph.com/news/russian-parliament-considers-imposing-fines-on-crypto-mining-by-end-of-june


First they banned it in 2014, then tried to ban it again in 2017 but the bill did not pass, they tried to launch their own centralized crypto but ultimately didn't, then they tried to ban mining, now they're trying to legalize it.... It seems that if you live in Russia you never know what the day will bring. You may be operating a legal business one year, the next year they shut you down and put you in jail, and a year later they let you go because they changed their minds.    

Well, it could be that they have access and reaccess the conditions and realize that it would be better for the country to legalize the trading of Cryptocurrencies. I was thinking as you mentioned if it was Banned in 2014 how come they try to Ban it again in 2017? I guess they must have analyzed the effect of Banning and having a regulated market and found the latter better cause hence this decision
"By contrast, the government’s blueprint released Tuesday says cryptocurrency purchases in Russia may take place, but only through locally registered and licensed companies so that users are fully verified and information about their transactions can be made available to government agencies."  

[dkbit98]

After this move from Russia I am just hoping Bitcoin and cryptocurrency won't be blamed for start of some world conflict or nuclear war.
Russia is obviously doing this to avoid sanctions, and they already switched to euro instead of dollar for trading with many countries.
I don't think they will support Bitcoin in any way, but they will try to create their own fake cryptocurrency or use some centralized shitcoin they can control... and conveniently Vitalik is from Russia...

[Hamaber]

I did not even expect that in Russia they could make such a decision. This is really very good news for the cryptocurrency market and, apparently, the prices in the market will go up now. But earlier in Russia they argued that they could not allow the circulation of cryptocurrency as a means of payment, since it is written in their Constitution that the only means of payment in the country is the ruble. Has the current international sanctions and the threat of other, more stringent ones forced to change the attitude towards cryptocurrency, especially on the part of the Central Bank, which until then was categorically against its legalization? Apparently, finances in Russia have become very tense, and the legalization of cryptocurrency with the introduction of a tax will make it possible to receive many billions of dollars in cash, and, on the other hand, to bypass international sanctions and hide your capital.

May be they will worry about these issues and will not want to down if any sanction came. But it is also the fact that bitcoin is the future and only those adopt it who know its value and who know that how much is it beneficial for a state.

While it's mostly positive, but let's wait for the draft to come out on 18th Feb. It's good that it will be regulated as a currency and not as an investment because that's what bitcoin is. But it's interesting to know how they will deal when bitcoin will be used as an investment and not as a currency. There muat be some provisions around it because its value changes quite frequently.

But as a thumb rule, let's not believe a communist government.

I think if that is accepted as a currency then people will also be allowed to keep and store them like money for their future, so will again be treated like money

On 18th Feb they will launch a draft for that step

Since Russia isn't exactly privacy friendly, i would wait until the draft has been reviewed.

But for the transactions more than 600,000 rubles which is around $8000, there will be tax

Considering Russia household income per capita, IMO it's rather high.

yes that is really high and I think they are giving relief to their citizens to not tax on less than that amount and for the remaining there will be tax. In this month India also regulated crypto but they put a 30% tax on all amount, there was no relief.

Russia is a funny country when it comes to policies.
Here's some retrospection for those who don't remember or weren't here in 2017-19

Oct 10, 2017
Putin Condemns Bitcoin, Calls for Russian Ban of Digital Currencies
https://cointelegraph.com/news/putin-condemns-bitcoin-calls-for-russian-ban-of-digital-currencies

President Vladimir Putin said on Tuesday crypto-currencies were risky and used for crime, as Russia’s central bank said it would block websites selling bitcoin and its rivals - a change of tone from a month-old promise to legalize the market.
https://www.reuters.com/article/us-russia-cenbank-bitcoin/russia-turns-cold-on-crypto-currencies-idINKBN1CF0RF

Jun 10, 2019
The Russian State Duma is considering imposing administrative responsibility for mining cryptocurrencies.
https://cointelegraph.com/news/russian-parliament-considers-imposing-fines-on-crypto-mining-by-end-of-june


First they banned it in 2014, then tried to ban it again in 2017 but the bill did not pass, they tried to launch their own centralized crypto but ultimately didn't, then they tried to ban mining, now they're trying to legalize it.... It seems that if you live in Russia you never know what the day will bring. You may be operating a legal business one year, the next year they shut you down and put you in jail, and a year later they let you go because they changed their minds.

It shows to us that they learned that bitcoin do not deserve a ban but it is a beneficial currency and without accepting they will remain in the stone age. It is a lesson for all other countries that if you will ban it will not benefit you but in the end you will realize that it deserve to be accpted by the state.

So far I am still waiting for an official decision from the Russian board, considering that this result will determine how the market will move bullish or even like what happened in mid-January on the contrary. Considering Russia is still trying to make considerations that will soon be carried out tomorrow. So we can feel these results after the first deployment was launched. The impact on the crypto market will become very clear.

I am hoping for the better and I want that they keep the convenience of people in front of them while regulating it and they create a draft which will facilitate everyone.

[Kakmakr]

Everyone that says Russia is not going to invade the Ukraine, must take note of this move ...because it is a backdoor that are being opened to evade strict sanctions when they actually go ahead with the invasion.

The show of force from the US and other countries are not bothering Russia in the least, because they know those countries cannot afford to go into WWIII with Russia...and possibly China if they do. 

[Hamaber]

Everyone that says Russia is not going to invade the Ukraine, must take note of this move ...because it is a backdoor that are being opened to evade strict sanctions when they actually go ahead with the invasion.

The show of force from the US and other countries are not bothering Russia in the least, because they know those countries cannot afford to go into WWIII with Russia...and possibly China if they do. 

We cannot deny this point too. But we cannot predict about their intention too.

I hope that peace remain all over the world because in the time of peace we also need crypto and bitcoin.

We not need to think negative about bitcoin. If someone adopt bitcoin then we do not have to think that he is going to do something bad as it hurts the image of bitcoin.

[Leviathan.007]

Just a few days ago my friends from Russia were worried about the bitcoin situation and rules in their country because according to some news from Russia bitcoin was going to get banned there so people were expecting to see the governments announcing the suspension of the bitcoin transactions, so legalizing bitcoin was not something we could expect is Russia, in the hand due to the relations between China and Russia against USA I was expecting to see Russian government banning bitcoin just like china.