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Russia set to recognize crypto as a form of currency: report

Authorities in Russia are set to recognize digital assets as a form of currency, according to local news reports. Russian newspaper Kommersant reported this morning, and later tweeted, that the government and the Bank of Russia have 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. The report further stated that it will only be …

Russia’s central bank calls for blanket crypto ban

The Bank of Russia has advocated for a complete crypto ban as part of a report issued by the country’s central bank on Thursday. The report titled “Cryptocurrencies: trends, risks, measures” argued that the speculative nature of cryptocurrency investments poses significant threats to the financial stability of Russian citizens. As part of the blanket crypto ban, Russia’s central bank also stated that commercial banks and other financial institutions should be prevented from facilitating cryptocurrency transfers. According to the report, such …