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Russia approves plan to recognize crypto as currency

 


GlobalBlock analyst Marcus Sotiriou says the move contrasts with a previous call by the Bank of Russia for a ban on crypto


He notes that the new regulatory approach comes amid suggestions that the Russian government could be eyeing a $13 billion crypto tax market


Bitcoin price remains floating above USD 44,000 despite growing fundamental strength


The use of cryptocurrencies in the Russian financial system will soon be enshrined in law after the Russian government and the Bank of Russia agreed plans to officially recognize digital assets like Bitcoin as currencies.


According to reports in local media, the government and central bank have formulated a draft proposal aimed at regulating cryptocurrencies. According to the agreement, reported by news magazine Kommersant, the draft law is expected by February 18.


This will regulate digital assets like bitcoin as a form of currency rather than digital financial assets.


News of Russia's move broke as Bitcoin continues to battle resistance at $44,000 after bouncing off January lows at $33,000.


According to Marcus Sotiriou, an analyst at UK-based digital asset brokerage GlobalBlock , “fundamentals in the crypto industry are getting stronger,” suggesting that Russia’s move could contribute to the positive sentiment being highlighted in the BTC market at the moment.


Russia Targets $13 Billion Crypto Tax Market

Sotiriou notes that Russia's decision to seek a bill recognizing digital assets as currency "contradicts the central bank's proposal last month."


At the time, the Bank of Russia was scrambling to ban “miners and other crypto companies,” with financial regulators emphasizing crypto’s potential to pose a risk to the country’s financial system.


Earlier this month, India transitioned to recognizing crypto when it imposed a 30% tax levy on crypto earnings, suggesting the country's authorities were uninterested in banning crypto and related activities. Russia envisions a similar scenario, according to GlobalBlock’s Sotiriou.


In comments shared with CryptoAdvisor, he noted:


“ This move from Russia comes after authorities in Moscow forecast that the country could earn $13 billion a year in taxes from the Russian crypto market. Additionally, analysts predict that the Russian crypto market is worth over $214 billion, which is about 12% of the total value of the global crypto market .”


According to a draft report highlighted in local media, Russian residents can use cryptocurrencies as money, but only after going through proper identity checks.


This will happen through collaboration between banks and licensed crypto providers, with the banks acting as intermediaries


One of the draft proposals required that all transactions over 600,000 rubles be reported. Transactions outside established guidelines and limits constitute a criminal offense.


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