Russia backs down from banning cryptocurrencies
A new cryptocurrency law signed recently in Russia does not allow them to be used in exchange for any goods or services. However, Russians will be able to trade between cryptocurrencies in cryptocurrency mining and exchanges.
Russia recently signed a new cryptocurrency law. While the restrictions on cryptocurrencies were not as strict as the previous ban, it imposed strict restrictions on its use in currency form. Previously, all activities involving cryptocurrencies were criminalized and regulated for money laundering.
From January 1, 2021, cryptocurrencies will be allowed in Russia, but not for use in exchange for any goods or services. It is discussed that more regulations will be introduced in the upcoming sessions. However, from now on, Russians can buy and sell cryptocurrencies and mine if they are not used in the economy and can trade between cryptocurrencies on Stock Exchanges.
Russian banks will be able to open cryptocurrency exchanges under the supervision of the central bank and issue their digital currencies only under the control of the central bank.
The latest regulation in Russia provides greater freedom than predictions that cryptocurrencies will be banned entirely.