Russian authorities, which are contemplating the digital currency’s future in Russia, are anticipated to develop a substitutive method for the regulation of crypto by 11th February. The declaration about the respective development was revealed in records of a conference organized at the Moscow-based White House in the recent week. A struggle between two confronting views will seemingly determine the crypto’s future in Russia.
Though the Russian central bank proposes an outright prohibition over the operations related to cryptocurrencies, the finance ministry of the country is supporting the legalization of the respective space under some severe regulation without recognizing BTC as a method of payment. This viewpoint has been supported to a significant extent, and on the adoption of the crypto assets, the crypto owning residents of Russia will have the opportunity to utilize them as investment assets and carry out their transactions via the Russian banks along with recompensing taxes.
Putin and Medvedev’s viewpoints
All of the above-mentioned operations are recommended to be under the watchful eye of the authorities. In January, it was reported that the Russian central bank recommended the usage, mining, and trading of cryptocurrency to be declared as completely illegitimate. Nonetheless, the Finance Ministry endorses that there should be a demarcation between the black and white market operations.
A prohibition over the cryptocurrency and the operations related to it was proposed by the Russian central bank, and several responses were attracted by this on behalf of the prominent personalities of the country, with taking account of Putin (the current president of Russia) and Medvedev (the former Russian president). In the words of Medvedev, the strategy of implementing a complete ban on cryptocurrencies could have a negative impact on the economic system of the country, recommending that usually the opposite inferences are led to if a thing is banned completely.
Chamber of commerce proposes that mining should be acknowledged as a business
While responding to the strategies of the Finance Ministry to grow the crypto-related operations under legal space, the Chamber of Commerce and Industry’s chairman, Sergey Katyrin, suggested that the crypto mining’s legal position should be categorized as a business operation, excluding the respective operation out of the gray zone, assuring tax as well as the rest of the necessary compensations. The spectators will closely check out the scenario of proposed legislation of cryptocurrency to look for the potential effect on the crypto adoption of Russia.
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