Russia to legalize cryptocurrencies

    The Russian government and the Bank of Russia look to have agreed on a future regime for the circulation of cryptocurrencies in Russia, according to local news reports.

    The Russian authorities could recognize crypto assets as a form of currencies, but not digital financial assets (DFA).The report stated the local authorities are preparing a draft law on the circulation of digital currencies in Russia, which is expected to be introduced before Feb. 18.The report further stated that the use of cryptocurrencies is only possible “in the legal sector” with adequate identification through the banking system or licensed intermediaries.Any transaction outside of this legal sector would be a criminal offense. In addition, the illegal acceptance of cryptocurrencies as a means of payment will be punishable by heavy fines.

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