Russia is set to enact new regulations on cryptocurrency on February 18. According to blockworks.co, Russia accounts for 11% of the BTC mining in the world. Russia's move to regulate the digital currency sector will stir other nations to act in similar fashion.
The Russian Government and Central Bank is working to draft legislation or amend current laws to oversee crypto as a currency. This legislation will work to soften the economic impacts of digital assets. According to Coin Desk, Anto Paroian, chief operating officer at digital assets investment firm ARK36 says Russian action should be seen as a signal that crytpo-currency is here for the long run, and nations are finally starting to realize this.
The amount of work and cost of banning cryptocurrency are greater than the risks of the current cryptocurrency system. Russia's actions of putting cryptocurrency on its balance sheet, will lead to the United States waking up and taking a deeper look at the cryptocurrency industry. Coin Desk says that there's a global race in developing a decentralized system where anyone can access the system. As Russia adopts a system, their adversary the United States has no other option but to accept it.
The United States will be monitoring the events leading to February 18, when Russia draws up the legislation about cryptocurrencies. Russia's bank took a bit father by proposing restrictions on circulation and trade of the digital currencies. Russian President Vladimir Putin has publicly supported a plan to tax and regulate crypto mining.
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