The Central Bank of Russia and the Government are working on a new legal framework to introduce better laws and systems to prohibit the bad actors and allow the citizens to use crypto with full freedom.
Russia is a well-known hater of the crypto industry. On 1 January 2021, the Russian government introduced its crypto bill to allow the citizens to trade with crypto assets but crypto law failed to bring restrictions and caught bad actors of Crypto, so the Bank of Russia and the Government was against the more circulation of the crypto industry. Even the Bank of Russia proposed its report to bring a blanket ban on Russia like China.
In the night of 8 February 2021, the Russian government published its report on the ongoing work on the new draft bill on crypto regulation.
Released Pdf notes stated that Russia and the Central Bank will now adopt the crypto industry with the provisions to allow the citizens to pay crypto assets within a certain limit of $8000. However, this will be a freedom for the citizens to facilitate Transactions in crypto assets from licensed exchange to exchange.
The release also noted that perhaps crypto transactions are allowed but not allowed to use crypto assets for payment purposes, which means, no freedom to use cryptocurrencies as Currency. Probably this provision is an idea to restrict the risk posed by crypto against Ruble, a Russian sovereign currency.
Right now this news is revolving in the crypto industry like a fire but few experts claim that we should wait for the official drafted bill, which is under construction and probably will be launched on 18 February, because it can bring huge numbers of controversial provisions to hammer the industry adoption rate.
Bloomberg recently published its report on the tax plan of the Russian government, which is still undisclosed in the latest released details on the newly drafted crypto bill.
Reportedly, if Russia will implement an average tax rule then it will be able to collect around $13 billion. Reports included the tax collection through the transactions tax in crypto alongside the crypto trade income.