Legislators in Russia have made a law that makes cryptocurrencies legitimate. However, they are prohibited as a means of payment for the purchase of products and other services.
The lawmakers passed the Digital Financial act this month after it had gotten the support of top legislators such as the head of the legislative committee on financial markets.
The new rule takes into cognizance of cryptocurrencies as a summation of electronic information suitable as a means of transaction and payment.
Russian citizens have the prerogative to purchase and keep bitcoin and other cryptocurrencies as an investment, however, there is a clause, the possession and transfer of cryptocurrencies by legitimate means are only permitted if publicly stated, as required and demanded by the new rule.
It has been reported that the Russian central bank will have the prerogative to decide the features of cryptocurrencies available to suitable investors.
Additionally, cryptocurrencies can be given, bought, traded, and registered inside the structure of the specific information systems. These information systems and those operating them must adhere to the country's rules and also register appropriately with Russia's central bank.
Source: News.bitcoin
