• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Cryptos
Amid CBN cryptocurrency ban, Russia set to legalize Bitcoin

Amid CBN cryptocurrency ban, Russia set to legalize Bitcoin

Draft law expected by February 18

Ubah Jeremiah IfeanyibyUbah Jeremiah Ifeanyi
2 years ago
in Cryptos
Share on FacebookShare on TwitterShare on Linkedin

While Nigeria continues to ban financial institutions from dealing in cryptocurrency, other countries, like Russia and India have decided to take a different approach.

The Bank of Russia has reached an agreement on how to regulate cryptocurrencies. They are now preparing a draft law, expected by February 18, which will define crypto as an “analogue of currencies” rather than as digital financial assets.

Russian newspaper, Kommersant, reported this morning, and later tweeted, about an agreement on how to regulate cryptocurrencies.

Read: IMF warns that no single country can stop cryptocurrency on their own 

The cryptocurrency space has shown resistance to government pushback as Nigeria’s peer-to-peer transactions rose by 16% on an annual basis, despite the crypto ban. Nigeria’s P2P volumes on two major P2P platforms (Paxful and Localbitcoins) currently stand at $400 million, followed by Kenya with more than $160 million and South Africa with $117 million.

In lieu of the growing adoption, Russia has sort to benefit and position herself to get profitable via the blockchain revolution.

Read: Bitcoin hash rate hits all-time high despite market meltdown

What you should know about Russia’s crypto adoption plan

  • The report stated that the circulation of crypto in the legal sector will be possible only with full identification, through the banking system or licensed intermediaries.
  • Operations equivalent to more than 600 thousand rubles (roughly $8,000) must be declared.
  • Transactions outside the legal sector for such amounts will become a criminal offense and an aggravating circumstance under the Criminal Code.
  • Fines will be introduced for the illegal acceptance of cryptocurrencies as a means of payment.
  • The news comes just weeks after the Bank of Russia pushed for a blanket ban on crypto in a report issued in January, arguing that the speculative nature of the industry posed a significant threat to the financial stability of citizens.
  • The final concept is mainly based on the positions of the Ministry of Finance. Until February 18, the ministry and the Bank of Russia must formulate either a separate bill or amendments to the law on the CFA and other laws for its implementation

Read: Nigeria’s cryptocurrency ban: A legal analysis

In case you missed it 

India’s central bank has announced plans to launch its digital version of the rupee in the next financial year.

The Indian government also plans to tax cryptocurrencies and NFTs as the country moves closer to recognizing cryptocurrencies as legal tender.


Download Nairametrics App for breaking news and market intelligence.
   
Tags: Bank of RussiaCryptocurency
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
Bankers committee
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Nigeria’s poultry sector on the brink of collapse due to maize shortage
  • Interest rate can’t surpass country’s bond rate-Ezra Olubi
  • Fuel subsidy: Peter Obi says FG should remove criminality, corruption and not subsidy

Follow us on social media:

Recent News

Poultry farmers warn of impending collapse, says farmers can no longer feed birds

Nigeria’s poultry sector on the brink of collapse due to maize shortage

October 2, 2023
Interest rate can’t surpass country’s bond rate-Ezra Olubi

Interest rate can’t surpass country’s bond rate-Ezra Olubi

October 2, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In