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Russians from January 2020 can Legally Perform Operations with Cryptocurrencies

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Russians from January 2020 can legally perform operations with cryptocurrencies

In Russia, from January 2021, the law on so-called digital assets comes into force. The document was signed by Russian President Vladimir Putin in the summer.   

This document defines digital currency and spelled out the mechanism for its use in the country. In fact, the authorities recognized bitcoin and other coins as property. The issue and circulation of tokens will be carried out by the rules developed by the Bank of Russia.

Holders of digital assets have been anticipating the legalization of the cryptosphere over the past few years.

The law doesn’t suit experts and crypto business

However, the law, which came into force in January, doesn’t suit experts and crypto business by many criteria. In particular, the authorities banned the use of coins as payment instruments. Digital currency can only be inherited and used as a means of preserving capital.

However, the law, which will come into effect tomorrow, does not suit experts and crypto business by many criteria. In particular, the authorities banned the use of coins as payment instruments. Digital currency can only be inherited and used as a means of preserving capital.

Many representatives of the expert community emphasize that the Russian authorities decided to put the cryptosphere in a strict framework to control the movement of funds in BTC and other coins.

However, it is still unclear how such control will be implemented in practice. From a technical point of view, tracking the movement of funds in cryptocurrency is almost impossible, since wallets are anonymous, and the bitcoin network does not submit to any jurisdiction.

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