Russia Set to Accept Crypto Asset as Currency Anytime Soon

Russia has created a new buzz as it is taking a step towards recognizing crypto assets as a form of currency.

To pave the way for Russia’s new crypto innovation, the Bank of Russia is reportedly exploring ways and means to regulate cryptocurrencies. Russia’s financial giant is doing this to make crypto an easier asset to embrace in Russia.

At the moment, the organization is preparing a new and simplified crypto draft law to define digital assets as an “analogue of currencies”, as expected by February 18.

As said earlier, the new law will exist with a well-defined focus to classify digital assets as a currency, instead of calling them mere financial assets. Best of all, traders will have the option to use crypto in the “in the legal sector” through the banking system or via licensed intermediaries.

As per the Russian newspaper, Kommersant, Russia’s new take on cryptos will be a sign for many other countries to hold cryptocurrencies in esteem.

The news comes a few days after the Bank of Russia started to propose prohibitions on crypto activities in Russia. As part of the proposal, the Bank of Russia attempted to impose a tight ban on crypto mining activities in the country and everything related to crypto. It cautioned other financial institutions to stop facilitating crypto translations. Lastly, speculations arise that Russia’s incumbent President Putin will be the ghost dictator behind the country’s new movement to classify crypto as a form of currency.