The Russian government has introduced a bill to regulate crypto to parliament over central bank objections. By baidakova
In the press release, the Ministry of Finance said the objections of the Bank of Russia"will be considered in the further work on this bill where they don't contradict the Ministry of Finance approach."The bill treats crypto as an investment tool, not a legal tender, and says cryptocurrencies may not be used to pay for goods and services.
All cryptocurrency-to-fiat transactions must be conducted through bank accounts, and users must go through know-your-customer checks with both banks and cryptocurrency exchanges, the press release said. Exchanges also will have to inform users about the risks of investing in crypto. Investors will have to pass online tests to ensure they have sufficient knowledge about cryptocurrencies and related risks. Those who pass the test can invest up to 600,000 rubles a year in crypto; those who don't are limited to 50,000 rubles. Qualified investor won't have any limits.
Cryptocurrency exchanges must keep their own crypto and their users' funds in separate accounts and maintain a record of all their users' crypto addresses. Users must not be held liable for any debt of their exchanges. Cryptocurrency mining will also be regulated under proposed bill. It will be supervised by dedicated government agencies, the press release said, without providing further details.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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