As per the latest reports from the Kommersant, a Russian newspaper said that Russia is planning to recognize Bitcoin (BTC) as a currency. As per reports, the Government of Russia and the Bank of Russia have reached an agreement to regulate cryptocurrency.
The government of Russia can launch a draft on 18 February which will call cryptocurrency an “analogue of currencies” more than a digital currency.
More information from the Kommersant report suggests that cryptocurrency transactions of over 600,000 rubles (approx. $8,000) will have to be declared or will constitute a criminal offense. Fines will also be imposed on those who illegally accept cryptocurrencies as a means of payment.