TechFlow news — Russia's Ministry of Finance has recently submitted an updated version of the "digital currency" bill to the government, aiming to comprehensively regulate the country's cryptocurrency market. Russian media reported details of the legislation this week.
Under the draft, qualified investors, now referred to as "professional buyers of digital currency," will have unrestricted access to crypto assets. Ordinary Russians, however, would be limited to purchasing up to 600,000 rubles (approximately $7,000) worth of cryptocurrency annually, and must first pass a special test. According to Interfax, citing informed sources, Russian residents who fail the test will only be allowed to buy digital currencies totaling no more than 50,000 rubles (about $600) per year.
The new law defines "digital currency" as "a set of electronic data contained in an information system that can serve as a means of payment instead of the monetary units of the Russian Federation, as well as an investment." The report notes that digital currencies are treated as property in Russia.
This wording appears to provide a legal basis for using cryptocurrencies in payments. At the same time, however, the bill stipulates that legal entities in Russia—including subsidiaries of foreign companies established in Russia and international organizations—as well as individuals staying in Russia for at least 183 days within 12 months, cannot accept digital currencies as payment for goods and services.
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