Vladimir Putin, the President of Russia has recently signed into law the landmark crypto bill on digital assets. This bill will effectively provide legal status to many cryptocurrencies all across the nation and will legitimise crypto by allowing it to be traded throughout the country. That being said, the law doesn’t mean that crypto can be used as a payment method meaning that people will be able to buy, sell and trade bitcoin but won’t be able to use it to buy any goods or services that was as that would mean it would be competing with the Fiat currency for Russia, the ruble.
Nevertheless, this is very bullish news for the industry of Cryptocurrency. The bill will allow banks and different platforms to become an exchange operator as long as they register with the bank of Russia. The reason that this bill is so worth writing about is it puts a little legal definition for cryptocurrencies on the table. Without any of this clarity, it will be difficult to interpret by numerous different countries all over the country and especially when it comes to the court. Digital financial assets such as bitcoin are defined as digital rights with money claims of which it can be used as negotiable security. This bill, however, doesn’t mention anything about mining. Siberia’s Bratsk is one of the biggest crypto mining capitals of the world and throughout the lockdown due to COVID-19, activity for bitcoin increased massively.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
