Russia Will Introduce A Law Regarding The Bitcoin
Russia has now acknowledged the increasing popularity of the Bitcoin and its potential to solve various problems that plague the current financial system. Countries which have banned the use of cryptocurrency transactions are now even planning to assign his legal status against digital currencies and plan to pave the way for a more structured crypto ecosystem in the country.
Step Russia to acknowledge the legitimacy of the Bitcoin as this currency is closely following the latest developments of Japan where cryptocurrencies is now getting its legal status. The determination of the legal status for Bitcoin as currency not only makes it easier for community members to use cryptocurrency in a variety of applications, including payment for daily needs, but it also brings more accountability and open the door for new rules governing the use of the Bitcoin in this country.
This report indicates that the Ministry of finance in Russia is preparing a new financial revolution, which will begin in the next year. By recognizing the other as cryptocurrencies and Bitcoin currency that is valid, the country also intends to implement the regulations against money laundering and transfer illegally.
The vision of the Government to monitor all transactions it seems a bit beyond the limits. Financial governance and the Board of Trustees are also expected to participate in the decisions regarding the legal status of the Bitcoin in the next few months.Once the decision is approved, the related departments and ministries will begin drafting new regulations and compliance requirements for platform and community cryptocurrency Bitcoin.