THE CENTRAL BANK OF RUSSIA ANNOUNCED ITS NEW DECISION REGARDING BITCOIN AND CRYPTOCURRENCIES!
The Central Bank of Russia has made significant announcements regarding Bitcoin and cryptocurrencies. Here are the key points :
Allowing Cryptocurrencies in International Payments: Russia has approved the use of cryptocurrencies like Bitcoin in international payments, with the first transactions expected to take place by the end of 2024. This move aims to enhance transparency and regulate digital investments.
Experimental Regime: The Central Bank proposes a three-year experimental regime to allow qualified investors to buy and sell cryptocurrencies, with a focus on improving transparency and setting service standards.
Qualified Investors: Only investors with at least $1.1 million in securities and deposits will be allowed to participate in the digital currency market.
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No Legal Means of Payment: Despite this development, cryptocurrencies are not considered a legal means of payment in Russia, and the Central Bank reiterates the prohibition on residents utilizing crypto for payments outside of the experimental regime.
Regulatory Framework: The Russian government and Central Bank are working on a draft law to define crypto as an "analogue of currencies" rather than digital financial assets (DFA), with full identification required for crypto transactions through the banking system or licensed intermediaries.
Key Dates:
-End of 2024: Expected timeline for the first cryptocurrency transactions under the experimental legal regime.
Three-year Experimental Regime: Proposed duration for the experimental regime to allow qualified investors to buy and sell cryptocurrencies.
Implications:
Increased Transparency: The experimental regime aims to improve transparency within Russia's cryptocurrency market.
Regulated Market: The move towards regulating cryptocurrencies could lead to a more secure and stable market for investors.
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