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Russia’s government and central bank are now working on a draft law that will define crypto as an “analogue of currencies” and not digital financial assets. The draft law is The Russian government and the central bank have agreed to legally recognize crypto assets, like Bitcoin and Ethereum, as currency. The new decision will impact Russia’s government and central bank are now working on a draft law that will define crypto as an “analogue of currencies” rather than digital financial assets, set to be launched on Feb. 18. Hace 2 días Regardless, today’s report shows that the Russian Central Bank is slowly opening doors to crypto investments. The government is also allegedly planning a Ruble-backed Cryptocurrency transactions of more than 600,000 rubles (roughly $8,000) will have to be declared; otherwise, it could be considered a criminal act. The government and The Russian government and the central bank of Russia have reached an agreement to treat crypto assets, like Bitcoin, as currencies. The aforesaid development was Russia's central bank is itself looking to move money across borders using crypto before the end of 2025, Governor Elvira Nabiullina said. The U.S. and its allies have

Russia to Recognize Crypto as Currency: A Major Shift in Policy

In a significant development, Russia's government and central bank have agreed to treat crypto assets as currencies, marking a pivotal change in their approach to digital assets. This agreement signifies a potential opening of doors to crypto investments within Russia, despite previous reservations.

Russia’s government and central bank are now working on a draft law, slated for launch around February 18th, that will define crypto as an “analogue of currencies” and not digital financial assets. This clarifies the legal framework surrounding cryptocurrencies like Bitcoin and Ethereum, paving the way for wider adoption and integration into the Russian financial system. The draft law is intended to establish clear regulations for the use and circulation of crypto assets.

This new decision will significantly impact the Russian economy and its relationship with the global crypto market. The Russian government and the central bank have agreed to legally recognize crypto assets, like Bitcoin and Ethereum, as currency, a move designed to regulate and potentially benefit from the growing crypto market.

The Russian Central Bank's evolving stance is evident, with growing acceptance of crypto investments. The government is reportedly considering issuing a Ruble-backed cryptocurrency. Furthermore, Cryptocurrency transactions of more than 600,000 rubles (roughly $8,000) will have to be declared; failure to do so could be considered a criminal act. The government and regulatory bodies are working to implement these reporting requirements.

The Russian government and the central bank of Russia have reached an agreement to treat crypto assets, like Bitcoin, as currencies. The aforesaid development was preceded by intense discussions and negotiations. In addition, Russia's central bank is itself looking to move money across borders using crypto before the end of 2025, according to Governor Elvira Nabiullina. This signals a proactive approach to leveraging crypto for international transactions.

This shift comes amid ongoing geopolitical tensions, with the U.S. and its allies imposing sanctions on Russia. The decision to recognize crypto as currency could be seen as a way to circumvent these sanctions and maintain access to global financial markets. As the details of the draft law emerge, the implications for the global crypto landscape will become clearer.

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