Russia Withdraws Cryptocurrency Decision

Russia Withdraws Cryptocurrency Decision. The new crypto money law, signed by the country's administration recently, did not allow them to be used in exchange for any goods or services. However, the Russians will be able to trade between cryptocurrencies in cryptocurrency mining and exchanges. The Russian administration has recently signed a new cryptocurrency law. Under this law, although the restrictions on cryptocurrencies were not as strict as the previous ban, it imposed harsh restrictions on its use in currency form. In the previously signed law, all activities involving cryptocurrencies were criminalized and subject to regulation on money laundering. According to the new law signed, as of January 1, 2021, cryptocurrencies will be allowed in Russia, but will not be allowed to be used in exchange for any goods or services. It is stated that more arrangements will be made in the upcoming sessions. However, as of today, Russians can buy and sell cryptocurrencies and mine if they are not used in the economy, and transactions can be made between cryptocurrencies on stock exchanges. With the regulation, 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 the country provides a wider freedom than expectations that cryptocurrencies will be completely banned.