Russia is the world’s eleventh-largest economy and they have recently taken a decision to regularize cryptocurrencies. There is a 2 trillion rubles investment by the investors in this asset class in Russia.
In Russia, the residents own over 12 million cryptocurrency accounts which is a large number considering the total population of the country is only 144 million. So almost one-tenth of the population invests in cryptocurrencies. About 2 trillion rubles ($26.7 billion) worth of crypto is deposited in these 12 million accounts.
On Feb. 8, 2022, the finance ministry of the federal government in Moscow, Russia updated this information on their official website. Earlier the central bank of Russia had declared a ban on crypto mining and trading, however, now they have agreed to support this move.
Lifting ban on cryptocurrency in India
In January, the world’s largest democracy India declared to legalize crypto-currency of course with a hefty tax of 30%. India is looking forward to issuing a virtual rupee in FY 2022-23. It is also going to legalize legitimate current digital currencies. 2022 seems to bear good news for crypto investors as two major economies decided to legalize cryptocurrency.
Finance Ministry and Bank of Russia to Draft Cryptocurrency Law
Cambridge Centre for Alternative Finance that releases the data of cryptocurrency holders for every nation ranked Russia as the third investor in bitcoins. Only Mainland China and other countries have more cryptocurrency investors than Russia. The other countries include the investors of all other countries except the USA, Malaysia, Iran, Kazakhstan, Canada, Germany, and Ireland.
Deputy Prime Minister Dmitry Grigorenko has approved the regulatory concept. The authorities now can monitor the cryptocurrency transactions and protect the consumers in case there are any irregularities.
The Government wants to ensure that the cryptocurrency regulators get licensed like banks, insurance companies, and other financial investment options in Russia. Cryptocurrency companies will have to inform the Russian Government about the risk factors of investing in this mode.