Russian Government and Central Bank Agree on Crypto Regulation, Treat Crypto Assets as Money

According to the Russian newspaper Kommersant, the Russian government and the Russian central bank have reached an agreement on the cryptocurrency circulation system and will draft a draft law on the circulation of digital currency in the Russian Federation before February 18, in which cryptocurrencies will be regarded as currencies similar to things, rather than digital financial assets.

The new rules are likely to take effect in the second half of 2022 or some of them starting in 2023.

Such currencies can only circulate in the legal sector after they have been fully identified through the banking system or licensed intermediaries, and fines are also imposed for illegally accepting cryptocurrencies as a means of payment, the report said.

Earlier news, the Russian government has approved the legal concept of digital currency circulation supervision. This means that Russia will not completely ban the use, exchange and circulation of digital currencies in the country.