logo
This is an empty menu. Please make sure your menu has items.
Business Duty Officer

Cryptocurrency and its regulation in Russia

Cryptocurrency and its regulation in Russia

Cryptocurrency is one of the trends today, which cannot be ignored due to the attractive conditions of interaction within the payment system and the growth prospects of this digital currency. That is why the article will be devoted to cryptocurrency and its regulation in Russia..

Cryptocurrency is an artificial payment system, equated to real money and having an official exchange rate. Meaning, it's both a currency and a blockchain-based payment system. Blockchain, in return, is a registry, designed to record transactions and account for assets.

Why cryptocurrency is profitable and reliable? Let's compare crypto and regular currency. Firstly, the emission of cryptocurrency is limited in contrast to the money issue (to date, about 90% bitcoins). It means, that when the last bitcoin will be released, the currency will become scarce, that is, its value will increase significantly, and this value will not be "eaten up" by inflation, as is usually the case with the ruble. Secondly, crypt cannot be forged unlike paper money; this payment system has not been hacked once in the entire period of its operation (about 10 Years).

So what's the situation with the legislative regulation of cryptocurrency? In Russia, not so long ago, the Federal Law "About Digital Financial Assets in Digital Currency" was approved, was approved (CFA Act). This law in the definition of digital currency recognized it as a possible investment and means of payment, and in the article. 14 banned Russian legal entities and individuals from accepting digital currency as payment for goods and services. This and many other contradictions, surely, limit the use of cryptocurrency in Russia, therefore, the Act expressly requires further amendments as to the use of currency as a counter-grant., and in terms of clarifying the rules of investment.

To take a closer look at, how cryptocurrency is placed, what it is provided with and how you can make money on it right now, contact a crypto investor and they'll tell you more.

Other news

Share this info. Choose a social media!

pro bono consultation