I did not even expect that in Russia they could make such a decision. This is really very good news for the cryptocurrency market and, apparently, the prices in the market will go up now. But earlier in Russia they argued that they could not allow the circulation of cryptocurrency as a means of payment, since it is written in their Constitution that the only means of payment in the country is the ruble. Has the current international sanctions and the threat of other, more stringent ones forced to change the attitude towards cryptocurrency, especially on the part of the Central Bank, which until then was categorically against its legalization? Apparently, finances in Russia have become very tense, and the legalization of cryptocurrency with the introduction of a tax will make it possible to receive many billions of dollars in cash, and, on the other hand, to bypass international sanctions and hide your capital.
May be they will worry about these issues and will not want to down if any sanction came. But it is also the fact that bitcoin is the future and only those adopt it who know its value and who know that how much is it beneficial for a state.
While it's mostly positive, but let's wait for the draft to come out on 18th Feb. It's good that it will be regulated as a currency and not as an investment because that's what bitcoin is. But it's interesting to know how they will deal when bitcoin will be used as an investment and not as a currency. There muat be some provisions around it because its value changes quite frequently.
But as a thumb rule, let's not believe a communist government.
I think if that is accepted as a currency then people will also be allowed to keep and store them like money for their future, so will again be treated like money
On 18th Feb they will launch a draft for that step
Since Russia isn't exactly privacy friendly, i would wait until the draft has been reviewed.
But for the transactions more than 600,000 rubles which is around $8000, there will be tax
Considering Russia household income per capita, IMO it's rather high.
yes that is really high and I think they are giving relief to their citizens to not tax on less than that amount and for the remaining there will be tax. In this month India also regulated crypto but they put a 30% tax on all amount, there was no relief.
Russia is a funny country when it comes to policies.
Here's some retrospection for those who don't remember or weren't here in 2017-19
Oct 10, 2017
Putin Condemns Bitcoin, Calls for Russian Ban of Digital Currencies
https://cointelegraph.com/news/putin-condemns-bitcoin-calls-for-russian-ban-of-digital-currenciesPresident Vladimir Putin said on Tuesday crypto-currencies were risky and used for crime, as Russia’s central bank said it would block websites selling bitcoin and its rivals - a change of tone from a month-old promise to legalize the market.
https://www.reuters.com/article/us-russia-cenbank-bitcoin/russia-turns-cold-on-crypto-currencies-idINKBN1CF0RFJun 10, 2019
The Russian State Duma is considering imposing administrative responsibility for mining cryptocurrencies.
https://cointelegraph.com/news/russian-parliament-considers-imposing-fines-on-crypto-mining-by-end-of-juneFirst they banned it in 2014, then tried to ban it again in 2017 but the bill did not pass, they tried to launch their own centralized crypto but ultimately didn't, then they tried to ban mining, now they're trying to legalize it.... It seems that if you live in Russia you never know what the day will bring. You may be operating a legal business one year, the next year they shut you down and put you in jail, and a year later they let you go because they changed their minds.
It shows to us that they learned that bitcoin do not deserve a ban but it is a beneficial currency and without accepting they will remain in the stone age. It is a lesson for all other countries that if you will ban it will not benefit you but in the end you will realize that it deserve to be accpted by the state.
So far I am still waiting for an official decision from the Russian board, considering that this result will determine how the market will move bullish or even like what happened in mid-January on the contrary. Considering Russia is still trying to make considerations that will soon be carried out tomorrow. So we can feel these results after the first deployment was launched. The impact on the crypto market will become very clear.
I am hoping for the better and I want that they keep the convenience of people in front of them while regulating it and they create a draft which will facilitate everyone.
