Here's What Russia's Crypto Regulation Means for the United States
The Russian finance ministry has proposed legislation regulating cryptocurrency in the country, requiring that investors no longer remain anonymous and that transactions be capped at a certain amount, among other measures. In this episode of "The Crypto Show" on Motley Fool Live, recorded on Feb. 9, Fool.com contributors Jon Quast, Chris MacDonald, and Travis Hoium discuss whether this legislation could provide a regulatory road map for other countries, including the U.S.
Jon Quast: Moving on to Russia here. This is interesting. We were talking about Russia last week, the No. 3 player in the world when it comes to Bitcoin mining as far as what they supply to the hash rate. Some little bit of volatility in the cryptocurrency market because it seemed like the various parties' powers that be in Russia were in disagreement over where they were going as a country as far as regulation goes. Actually, this is this morning breaking news that the government and the central bank agreeing that they want to regulate cryptocurrencies, going to actually label it as a foreign currency in lieu of classifying it as a stock or something. Basically, the proposal is transactions of $8,000 or more, currency-adjusted, needs to be reported and exchanges need to be licensed. This sounds like good news if you were wondering about what route Russia was going to take.
Source Fool.com
