Russia Declares Cryptocurrency Is Legal, But Prohibits Use for Payments: Report

Share this story:

Russia is reportedly declaring cryptocurrency legal after president Vladimir Putin signed a bill recognizing cryptocurrencies as a type of property that cannot be used for payments.

According to Russian public records, bill number 419059-7 was initially submitted to the State Duma, the lower house of the Federal Assembly of Russia, in March 2018. After more than two years in the review stages, the bill made its way to Putin late last month, reports the state-owned Russian media outlet RT.

“The Council Federation of the Federal Assembly of the Russian Federation decides:

  1. To approve the Federal Law ‘On digital financial assets, digital currency and amendments to certain legislative acts of the Russian Federation’
  2. This resolution comes into force from the date of its acceptance.”

According to Russian news outlet RIA, legislators define cryptocurrencies as a means of savings and investments but not as a means of payment. In addition, individuals and entities should report their crypto holdings for tax purposes.

The bill also says Russian banks and crypto exchanges will have the capacity to legally sell, purchase, and facilitate the exchange of digital assets after registering with the Central Bank of the Russian Federation.

Anatoly Aksakov, head of the Duma committee on the financial market, says concepts related to the business of cryptocurrencies, such as tokens and mining, will be addressed in a separate bill, which may be passed before the end of the year.

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Baturina Yuliya

The post Russia Declares Cryptocurrency Is Legal, But Prohibits Use for Payments: Report appeared first on The Daily Hodl.

Read More

All provided materials and tools are for entertainment purposes only and should never be considered financial advice. Crypto News 19 will not take any responsibility for lost funds based on investments/trades made on information found here or any linking website/affiliate. This includes all social media posts and all other communications occurring under the name Crypto News 19. You should always seek professional advice before making any investment or trade.