This big country is also going to tighten the crackdown on Cryptocurrency, investment will be legal, but with conditions

This big country is also going to tighten the crackdown on Cryptocurrency, investment will be legal, but with conditions

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new Delhi. Cryptocurrency Regulations: Russia has legalized cryptocurrency, but it will also impose strict conditions on cryptocurrency trade. Russia’s Finance Ministry said on Monday that draft regulations to regulate cryptocurrencies have been filed. Their special thing is that the upper limit of cryptocurrency investment has been fixed in these regulations.

Those investing in crypto will also have to pass a literacy test. Only Russians who pass this test will be able to invest 6,00,000 rubles (about 5,68,400 Indian rupees) in crypto in a year. The test taker will be able to invest 50,000 rubles in a year. Russia legalized the cryptocurrency in 2020, but its use in payments was never authorized. Foreign cryptocurrency exchanges will have to obtain a license in Russia. The Finance Ministry says that only such a person will be allowed to buy and sell cryptocurrency, whose identity will be confirmed.

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No arbitrary investment

This means that an investor will not be able to make arbitrary investments in cryptocurrencies. Along with this, strong arrangements will be made to know the identity of the person investing in the cryptocurrency. Significantly, the Central Bank of Russia had proposed to ban cryptocurrencies in January, but the government did not do so. Russia’s Finance Ministry wants to attract investment by legalizing cryptocurrency.

The Ministry of Finance of Russia said in a statement that the proposed changes are aimed at establishing a legitimate market for digital currency and rules for its circulation and participation in the trade of digital currency. Russia’s cryptocurrency bill will recognize cryptocurrency only as an investment instrument.

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Ukraine has legalized

In Ukraine, the government has legalized cryptocurrencies in the midst of a war. Russia and Ukraine are standing on the cusp of war. On Thursday, Ukraine’s parliament passed a law related to cryptocurrencies. However, tensions between Ukraine and Russia still remain and war-like situations remain in the country. According to media reports, a bill was introduced in Parliament to pass the cryptocurrency law, in support of which 272 MPs cast their vote. While 6 MPs were against it.

Tags: Cryptocurrency, Investment

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