Russia Categorizes Crypto as Property, Proceeds to Legalize Them

Russia Categorizes Crypto as Property, Proceeds to Legalize Them

The Russian State Duma, the lower house of the Federal Assembly of Russia, recently succeeded in passing a bill that legalizes cryptocurrencies in the Russian Federation. The bill also offers clear definition of digital coins as a type of property.

Any crypto in Russia, as of Wednesday, will be defined as a set of electronic data. It can be used for payments and/or investments. Cryptocurrencies will remain maintained by nodes and operators of their respectable blockchain systems. Crucially, cryptos will not have a centralized responsible party.

The sudden change of opinion came unexpectedly, after years of confusion, as well as recent reports that the Russian government is considering a ban on all digital currencies.

This new bill will come in effect on 1st January 2021. Experts think that the introduction of these new laws will not bring too big of a change to the Russian crytpo industry, because what the bill does in essence is to only provide an official definition of crypto coins.

The other big change that the bill has declared, is that the Russian central bank will act as mane overseer of new crytpocurrencies in the country. Furthermore, the body will also take decision on frameworks of selling digital coins to investors.

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