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Russia continues to regulate crypto as a form of currency

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According to industry experts, Russia’s “unsurprising” decision to regulate cryptocurrencies will encourage other countries to follow suit. Policymakers are expected to enact new legislation to oversee crypto as a currency, based on a framework developed by the Russian government and central bank. According to Russia, the restrictions will stabilize all broader economic effects of digital assets. According to Anto Paroian, COO of ARK36, Russia’s thought process regarding the crypto boom represents a broader movement in governments accepting that the technology has become indispensable. Overall, authorities recognize that cryptocurrency is becoming an increasingly important part of how users think and interact with money in the digital age. According to Nick du Cros, head of compliance and regulatory affairs at CoinShares, now is the right time before other countries start to change policies. In a newsletter, Pomp Investments founder Anthony Pompliano stated that Russia’s “sympathetic” attitude to crypto, which also includes placing digital assets on its balance sheet, “will push the hand of the United States.” Today, global competition has increased, centered on a decentralized, open system that anyone can connect to. In any case, the United States will closely monitor developments in Russia, which is expected to enact legislation by February 18 containing guidelines on how to tax cryptocurrency. According to a government document, the number of residents who reserve digital assets has increased “significantly”. It is estimated that more than 12 million crypto wallets have been created, with a total value of two trillion rubles. Whit Gibbs, CEO of Compass Mining, which runs two mining sites in Siberia, Russia, described the country’s policies as “no harm,” and said Russia is on track to make significant progress in attracting international mining companies.
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