Russia says it will insert cryptocurrencies into the financial system.
Another. The Russian government announced this Tuesday (8) evening that digital currencies will be regulated to integrate them into the financial system. And thus, guarantee the control of cash flows in the circuit of credit institutions. There will be “strict obligations for all professional market participants and an emphasis on protecting the rights of ordinary investors,” the statement reads.
Thus, the government of Russia will formalize about 2 trillion rubles (BRL 147 billion) in cryptocurrencies, according to another government document. Russia is one of the most cryptocurrency mining countries in the world.
“Implementation of the concept will ensure the creation of the necessary regulatory framework”. In this way, “it will bring the digital currency industry out of the shadows and create the possibility for legal commercial activities,” the statement states. The title of the document talks about the approval of the “concept of legislative regulation of the circulation of digital currencies”.
Russia says it will protect cryptocurrency investors
Now, according to the Russian government, investors will be divided into qualified and non-qualified. And this will be possible through licensing requirements for cryptocurrency platforms. These, in turn, will have financial protections in terms of liquidity and capital adequacy. In addition, the government has established an obligation on market participants to inform citizens about the increased risks associated with digital currencies.
Russia’s decision follows the “Cryptocurrencies: trends, risks and measures” study and statements from the Russian Central Bank that suggested that mining, trading and using cryptocurrencies should be illegal. Therefore, the russians should use central bank digital currency (CBDC), which is under study. The reasons would be volatility and fraud with cryptos.
The news about Russia also follows the Indian government’s announcement in early February that the country will tax cryptocurrency profits. The rate is 30%, in line with the highest income tax bracket in the country, for those earning from R$110,000 a year. But it also created a 1% tax charged on transactions and at the time of operation.