Russia Has Decided To Embrace Cryptocurrencies

Russia has decided to accept cryptocurrenices as an officially recognized form of currency within the country.

The government released a document earlier this week outlining the fundamentals for cryptocurrency regulation, and the central bank is also reportedly on board despite previously advocating for a blanket ban on crypto mining and trading.

As per the document, Russians control over 12 million cryptocurrency accounts and almost 2 trillion Rubles ($26.7 billion) in cryptocurrencies. According to the report, the nation is currently ranked third globally for BTC mining.

After much debate, the local government and the central bank have now agreed to develop legislation and alter current regulations to legally recognise cryptocurrencies as a legitimate kind of currency. More updates are expected as the situation develops.