The Russian Ministry of Finance is introducing novelties that allow consumers to invest in Bitcoin.
Russia’s Ministry of Finance presented the government with a new draft regulation for cryptocurrencies. In a statement, the Treasury Department said the proposal would allow Russians to invest in virtual assets such as Bitcoin. However, cryptocurrency purchases cannot be made yet.
The Russian government and central bank have been debating cryptocurrencies for some time now. Last month, the Ministry of Finance said it would expand cryptocurrency technology. This came a week after the country’s central bank called for a ban on Bitcoin mining and mining. crypto transactions, leading to many back-and-forths among regulators over final legislation.
Soon after, President Vladimir Putin said that Russia has benefits in crypto mining, in part due to the surplus of electric power and the body of well-trained workers that the country has. Putin called on the Finance Ministry and the central bank to succeed. in an agreement.
“The use of virtual currencies as a means of payment in the Russian Federation remains prohibited. Under the proposed agreement, virtual currencies are only considered an investment tool,” he said.
He added that exchanges will need to meet certain criteria to be allowed. He also highlighted the importance of KYC controls in inventory exchanges and banks.
Citizens who need to invest in cryptocurrencies will need to pass an exam that tests their investment knowledge, according to the statement. Those who are successful can invest 600,000 Russian rubles a year in cryptocurrencies (around £5590). limited to only 50,000 rubles.
The world of cryptography is already very big in Russia. Specifically, bitcoin mining, the procedure of verifying transactions on the blockchain, and minting new coins or tokens on resilient computers. Miners in Russia lately provide more than 10% of the computing power used in Bitcoin. the network.
Today’s did not provide any main point on how the Bitcoin mining industry in Russia would be regulated. He claims that the definition of virtual mining as an activity aimed at obtaining cryptocurrencies is ingrained.
Last week, Binance announced its accession to the Russian Banking Association onArray, with the aim of facilitating discussion with local authorities, legislators and experts in the cryptocurrency industry.
The agreement was founded in 1990 and includes more than three hundred banks and monetary establishments in Russia. They cover almost 90% of the country’s banking infrastructure.
The deal’s board of trustees approved Binance’s membership. This will create a committed experience center with virtual monetary assets and virtual currencies. The center’s project is to prepare tests on the flow of virtual assets in Russia and provide the agreement. and its representatives with expertise on the subject. It also reports on foreign experience in managing crypto assets.
Olga Goncharova, director of Binance in Russia, will be in charge. This was approved by the council of the presidium of the association. Goncharova joined the crypto exchange in January to boost compliance efforts in Russia. Prior to joining Binance, he worked as a branch. Manager at the Bank of Russia.
Introducing Goncharova, the organization’s president, Georgy Luntovsky, noted that he will be in charge of overseeing the flow of virtual currencies in Russia very well. He noted the following:
In our opinion, she is a smart candidate to lead the platform. The network of experts can talk about approaches to the regulation and progression of virtual monetary assets.
Gleb Kostarev, head of Binance’s Eastern Europe division, said he is confident that Binance’s experience in the cryptocurrency market will be well received by the Russian banking community.
We are facing a global transformation of the regulation of cryptocurrencies. Binance, as the world’s largest cryptocurrency ecosystem, has a strong track record of partnering with regulators.
Binance is known for its close agreement with some russian state-backed organizations. The same goes for local blockchain supporters.
Please note that some of the links on this site will direct you to third-party Internet sites, some of which are marketing affiliates and/or business partners of this site and/or their owners, operators and affiliates. reimbursement of those third parties. Notwithstanding such relationship, no duty is accepted for the conduct of any third party, nor for the content or capability of their Internet sites or applications. A link or positive reference or a review through a broker or exchange should not be construed as an endorsement of the products or facilities of that broker or exchange.
Risk Warning: Investing in virtual currencies, stocks, stocks and other securities, commodities, currencies and other derivative investment products (e. g. contracts for difference (“CFDs”) is speculative and carries maximum risk. Each investment is exclusive and reaches risks
CFDs and other derivatives are complex tools and present a huge threat of temporarily wasting cash due to leverage. You need to ask yourself if you perceive how an investment works and if you can take on the main threat of wasting your cash.
The costs of cryptocurrencies can vary greatly and are therefore not suitable for all investors. Cryptocurrency trading is not monitored through any EU regulatory framework. Past functionality does not guarantee long-term results. Unless otherwise stated, any trading history presented is less than five years and would possibly not be sufficient as a basis for investment decisions. Its capital is in danger.
When industry stocks, your capital is at risk.