President Vladimir Putin signs bill into new law in order to regulate cryptocurrencies. RUSSIA has banned the use of cryptocurrencies as a form of payment however they are now given a legal status. That sure is some good news!

This bill will regulate the digital financial asset (DFA) transactions. It gives cryptocurrency a legal status in the country which means now cryptocurrencies like Bitcoin can be sold, purchased, and exchanged in Russia!

It was approved by the State Duma, the lower house of the Russian parliament, and by the Federation Council in the last week of July,2020.

However this law will come into force from January 1st, 2021.

Russian banks and finance exchanges can now take part in the sale and purchase of cryptocurrencies, but they have to be registered with Russia’s Central Bank. The law states that digital currency “is recognized as an aggregate of electronic data capable of being accepted as the payment means, not being the monetary unit of the Russian Federation or a foreign state, and as investments,” Russian news agency TASS described. “The digital currency cannot be used at the same time to pay for any goods and services.”

In Russia, cryptocurrencies are now considered legal, and should be properly disclosed for tax purposes.Russians will be able to challenge cryptocurrency transactions in court, but only if they declare their own possession of cryptocurrency.

Anatoly Aksakov, head of Russia’s Duma Committee, told that another cryptocurrency bill may be adopted in autumn this year with more details and more terms like mining and tokens.

This comes as a welcome news for crypto enthusiasts. Поздравляю🎉🎊

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