Russia is taking steps to recognize cryptocurrency as a form of payment

Russia has sparked a new wave of interest by announcing that crypto assets will be recognized as a type of currency.


The Bank of Russia is apparently looking into ways to regulate cryptocurrencies in order to pave the way for Russia's new crypto innovation.
Russia wants crypto | Image: Optimisus

The Bank of Russia is apparently looking into ways to regulate cryptocurrencies in order to pave the way for Russia's new crypto innovation.


This is being done by Russia's financial behemoth in order to make cryptocurrency a more accessible asset in the country.


The group is currently working on a new and streamlined crypto draft law that would classify digital assets as "analogues of currencies" by February 18.


As previously stated, the new law would have a clear focus on classifying digital assets as money rather than simply financial assets.


The best part is that traders will be able to use crypto in the "legal sector" via the banking system or authorised intermediaries.


According to the Russian publication Kommersant, Russia's new attitude toward cryptocurrencies will serve as a model for many other governments.


The news came just days after the Bank of Russia proposed crypto-related prohibitions in Russia.


The Bank of Russia attempted to impose a strict ban on crypto mining activities in the country, as well as everything related to crypto, as part of the plan.


Other financial organizations were warned to stop supporting crypto translations. Finally, there is conjecture that Russia's current President Putin is the phantom tyrant behind the country's latest drive to categorize cryptocurrency as a type of currency.