Russia Embracing Crypto!

Many people are fearing that Russia might follow the footsteps of China by banning Cryptocurrencies as was recommended by its central bank but now the government has a plan to license exchanges and tax large transactions and this plan is being supported by its Central Bank.

The cryptocurrency is now to market is now too big to ignore with it reaching a market cap of $2 Trillion dollars. It is clear that all governments need to have a plan regarding cryptocurrencies and the world’s 11th largest economy is no exception. A document setting the principles for the regulation of cryptocurrencies appeared on the Russian government’s official website on Tuesday night.

This comes after India took a similar change in sentiment when last week it took a step to legalizing crypto by introducing a tax on digital asset transfers.

In Russia (population 144 million), residents own over 12 million cryptocurrency accounts and about 2 trillion rubles ($26.7 billion) worth of crypto, according to the government's document.

According to the Cambridge Centre of Alternative Finance, Russia ranks third in the world for bitcoin mining.

Sources:
https://www.coindesk.com/policy/2022/02/09/russia-to-license-crypto-exchanges-tax-large-transactions/
http://government.ru/news/44519/