According to the statistics conducted by Trust-in-btc ( trust-in-btc.com) specialists, more and more clients are beginning to consider the issue of long-term investments in cryptocurrency assets. The prospects for the digital market at the moment are encouraging and the right choice of an investment portfolio can be a good start for the future. There is, however, one difficulty – it is still quite difficult to make any forecasts on the situation with cryptocurrencies in Russia. Trust-in-btc’s leading specialist Anna Voychek gives several recommendations to Russian crypto investors and discusses the prospects for the functioning of the crypto market in the country in the light of recent changes in legislation.
First of all, we need to understand the legislation. After long and persistent discussions and improvements, the law on cryptocurrencies was finally released and signed by Vladimir Putin. Cryptocurrencies are defined as digital financial assets (DFA), they are defined as a set of electronic data (digital code or designation) contained in the information system, which are offered and (or) can be accepted as a means of payment, but are not the monetary unit of Russia, a foreign state or an international monetary unit. Starting from 2021, it is allowed to conduct transactions using them but as a means of payment they will be banned. The list of permitted actions includes pledge, purchase and sale transactions, exchange of one type for another. The functions of operators entitled to conduct purchase and sale or exchange transactions can be obtained by Russian banks and exchanges included in the special register of the Central Bank. Simply put, you can invest but you cannot pay.
Thus, it is supposed to bring bitcoin out of the “gray zone” and regulate crypto-exchange operations. This can make life easier for investors since the need to fear account blocking will disappear. Those who are used to using cryptocurrencies in opaque schemes will have to take additional risks. At the moment the majority of Russian users conduct cryptocurrency transactions through foreign providers, there are no domestic counterparts yet and there is no confidence that when they appear they will find their customers.We can only speculate about how cryptocurrency transactions will look from 2021. It is possible that Russian business will have the option to nominate rouble accounts and accept bitcoins for payment. Providers may well take on the function of a crypto acquirer (exchange cryptocurrencies for roubles and transfer them to the bank accounts of recipients). In fact, this will represent a payment in cryptocurrency but from the point of view of the law everything will be completely legal. Certainly, such services will be in demand by business. Individual investors are unlikely to feel significant changes, while there is nothing stopping them from continuing to use foreign platforms.
Trust-in-btc clients are always reminded to conduct a thorough risk assessment before deciding to invest in a particular digital asset. The undoubted advantages of investing in cryptocurrency include, first of all, the possibility of obtaining high income in a fairly short period of time. Since the market is quite young, the process of professional development of an investor is fast enough, and you can start with relatively small investments. Among the main difficulties, it is worth noting the unpredictability of the market and the still not fully defined legal framework.
