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First with the News

Russia Moves To Recognize Crypto As Form Of Currency

• Eyes $13 billion in taxes from crypto economy.

February 9, 2022
in Economy, Top Stories
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Russia Considers Accepting Bitcoin For Oil And Gas Payments As Sanctions Intensify
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By John Ikani

The government and central bank in Russia have reached an agreement on how to regulate cryptocurrencies.

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Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

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They are now preparing a draft law, expected by February 18, which will define crypto as an “analogue of currencies” rather than as digital financial assets.

A document setting the principles for the regulation of cryptocurrencies appeared on the government’s official website on Tuesday night.

The document revealed that authorities expect to collect more than $13 billion as tax payments from the crypto market in Russia.

Notably, the plan has the support of the central bank, which had called for a ban on crypto mining and trading.

This is the second major regulatory cloud to have been lifted from the global crypto market in a month.

India last week took a step towards crypto legalization with a tax on digital asset transfers.

While it carries a hefty rate (30%), the tax was seen by many as putting the fifth-largest economy on track toward legitimizing crypto.

What you should know about Russia’s crypto adoption plan:

• The report stated that the circulation of crypto in the legal sector will be possible only with full identification, through the banking system or licensed intermediaries.

• Operations equivalent to more than 600 thousand rubles (roughly $8,000) must be declared.

• Transactions outside the legal sector for such amounts will become a criminal offence and an aggravating circumstance under the Criminal Code.

• Fines will be introduced for the illegal acceptance of cryptocurrencies as a means of payment.

Tags: breakingCentral Bank of RussiaCrypto AdoptionCrypto LegalizationHeritageheritage timesheritagetimesmedialatestnewsthe heritage timesthtthtafricatop stories
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