More than $8,000 worth of crypto Transactions will be illegal in Russia

Finally, Russia is ready to adopt cryptocurrencies as alternative currencies until they are under compliance with the rules in the Russian Federation. 

In January 2021 Russia introduced its crypto bill to allow the citizens to trade in crypto assets with full legality but in actuality, the bill was not fully completed to regulate the industry, and also citizens were not following the rules precisely. Under the rule, crypto-based transactions and payments were not allowed but there was no restriction to restrict the crypto Investors and traders to prohibit the transactions. But now new crypto Investors will have full legal rules for the same. 

According to reports, the Russian government and Bank of Russia are ready to adopt the crypto industry and also will allow the citizens to transfer funds in crypto assets under rules. 

According to the release announced by the government of Russia, the government and Central bank are working on a new draft bill to bring a framework for the crypto Industry to use cryptocurrencies in Transactions to each other until they have complete identification through the banking system or licensed intermediaries. This drafted bill will be introduced on 18 February. 

Released on about draft bill noted that people can transfer the crypto assets from the Russian licensed crypto exchange. But the worth of crypto Transactions should not exceed 600,000 rubles (roughly $8,000), otherwise, it will be an illegal offense. And also people can’t accept cryptocurrencies as payment tools. That means, people can transfer crypto assets but are not allowed to use as a payment tools. 

Russia Crypto ban canceled but there is a caught 

In the last 2-to-3 months, we heard a lot of news about the decisions of Russian government officials against the crypto industry to introduce crypto ban laws.

In particular, the President and Bank of Russia were against Crypto. 

But now the situation has been changed under new laws but what will be the new restrictions on the crypto traders or investors is still unclear. While the new draft bill idea is purely a 100% transparent sign that Russia is ready to adopt this industry. 

Many experts noted that citizens needed to wait for the official release of the drafted bill to know whether the bill will apply to companies and businesses or citizens or both. 

Read also: US Fed seizes $3.6 billion worth of Bitcoin: Bitfinex 2016 hack