Russia One Step Closer to Legalize Crypto
Main page News, Russia, Crypto Market, Regulations, Cryptocurrency
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July 22, 2020

Russia is about to legalize all operations with cryptocurrencies, iHodl Russia has learned.

The State Duma of Russia has adopted the third and final reading the draft law "On Digital Financial Assets".

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Thus, starting from January 1, 2021, all cryptocurrency-related operations will be legalized. However, neither bitcoins (EXANTE: Bitcoin) nor other cryptocurrencies will be classified as legal tender.

The current law does not contain the definition of "token" and "mining", but gives a definition of digital currency.

The digital currency is information stored on a computer system that can be used as a means of payment, but this type of currency can not be considered as an international monetary unit, nor a monetary unit of a foreign state or Russia.

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It is assumed that the regulation of the crypto market will be determined by a separate law, which may be adopted in the fall session.

In February, the Central Bank of Russia (CBR), changed the criteria by which banks can block customer accounts due to suspicious transactions.

Under the new amendments, the regulator will block bank accounts related to the trading of virtual assets.

The amendments should "eliminate obsolete and add new schemes for unusual transactions, taking into account the current development of the financial market and the general digitalization of banking services," representatives of the Central Bank said.

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