Russia can soon legalize cryptocurrencies in its territory. According to a bill drafted by the Russian Ministry of Finance, cryptocurrency trading will be legal on approved exchanges. The local news agency RNS has informed about this decision.
Russia Could Legalize Cryptocurrency Trading
Alexei Moiseev has stated that the government is searching a greater control over cryptocurrencies in the country. He said:
“This is about the fact that buying and selling cryptocurrencies will be somehow standardized. The general idea is that it will be necessary to buy and sell on official exchanges, as it will be declared, it will be legalized.”
This could help Russian authorities to have under control a great part of the cryptocurrency market in the country. An important part of the population is not paying taxes over cryptocurrency gains.
Besides that, the mining activity will also be regulated. In another opportunity, the ministry has also said that miners will need to be registered with a central authority.
Russia legalizing cryptocurrencies mean that they gain legitimacy in a country that was sceptic about these virtual currencies. There is no clear information about which cryptocurrency exchange will be allowed to operate or not. But the intention to create a regulated market for these currencies means that cryptocurrency exchanges will try to have better Know Your Customer (KYC) and Anti Money Laundering (AML) policies.
CryptoRuble and Cryptocurrency Agencies
Russia has also announced the creation of a national cryptocurrency named CryptoRuble. As we wrote at CoinStaker, Putin ordered to issue the country’s own virtual currency. This was one of the possibilities in order to avoid tax evasion and compete with bitcoin and other cryptocurrencies.
The main differences between the CryptoRuble and other cryptocurrencies is that it is a centralized one. It is controlled by the Russian government. Furthermore, it is expected to be issued in a similar way as a fiat currency.
The Russian government has also opened two cryptocurrency agencies in Vladivostok. The crypto detective agency and the crypto advisory agency.
“At the last meeting of the State Duma, a decision was taken to establish a state structure – a crypto-detective agency, the first pilot branch which will be opened in Vladivostok, and an advisory centre for all those who want to start working with it,” told Victor Fresht, director of the Inter-University Center for the World Trade Organization (WTO).
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