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Russia Might Allow Crypto as Legal Tender

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Reporting out of Russia indicates that the country could be close to accepting cryptocurrencies as legal tender, making them official currencies. The Central Bank of Russia appears to have reached a deal on the regulation of these currencies. and Russian authorities are preparing to create legislation that would recognize cryptocurrencies as an “analog of currencies” and not digital financial assets. The circulation of cryptocurrency would require full identification through the banking system, and transactions that exceed 600,000 rubles would need to be declared. Previously, the Central Bank of Russia wanted to ban cryptocurrencies, adding to trouble for the market as China has clamped down on crypto mining and trading, India is ready to ban crypto and Kazakhstan is struggling under the weight of protests sparked—partly—by an energy drain caused by crypto mining. While Bitcoin will lead the way in Russia, it appears that other cryptocurrencies might not be far behind. At press time, Bitcoin was trading at just over $44,000, losing a fraction of a percent in early trading.

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