Right from the start, Russia had been quite strict on Bitcoin use, and the unqualified crypto purchase or the illegal Bitcoin possession was allocated very sternly. The situation has remained the same until the cryptocurrency regulations, and then the intelligence claimed the partial deanonymizing surface.
With the latest introduction of the digital assets into the Russian laws where cryptocurrencies have been legalized as a type of taxable property, the financial bodies have proposed strict digital financial assets.
The finance ministry of Russia seeks to adhere to the heavy penalties and criminal charges upon the non-disclosure of the digital assets. Ever since the cryptocurrency is not legalized as a payment method, a violation can lead to serious legal action.
The taxation agencies will then be closely monitoring all the procurements and any unrevealed or censored digital assets that may have found to lead to the consequential repercussions.
Unverified crypto procurements
For example, a monetary regulator, the Central Bank of Russia, is now seeking to limit the unverified crypto purchases. Purchases that are amounting to 600 thousand rubles annually will be banned. The directive is mainly for unqualified investors. It is under the public discussion until the 27th of October, and it is expected to be effective by January of 2021 if it was approved. No proposition for the qualified investors had been revealed recently, and they are only open to digital investment basing on foreign laws.
The Russian financial authorities have been exploring the viability of developing a central bank digital currency (CBDC) named “Crypto Ruble.”
When the initial displeasure toward the digitized currency is finished, Putin is now growing interested and speculated to be in the encrypted transactions; this auto limits the international sanctions’ constraints. The decision may be affected by the CBDC launch efforts in China, the US, and Turkey.
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