Russia moves to recognize crypto as a form of currency

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Russia moves to recognize crypto as a form of currency

Last Updated : 09 Feb 2022 05:48:40 PM IST

Russia moves to recognize crypto as a form of currency

The Russian government and the country’s central bank have reached an agreement to draft legislation or amend existing laws recognizing crypto as a form of currency, according to a statement on Tuesday.

The agreement is a significant reversal after the Bank of Russia last month proposed banning miners and several other crypto operations over concerns that they could endanger the country’s financial system.

News outlet Kommersant first reported the announcement on Tuesday. It is understood cryptos are to be classified as an “analogue of currencies” and not as financial digital assets. Legislation will reportedly be drawn up no later than Feb. 18.