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Russia regulates cryptocurrency operation amidst face-off with Ukraine

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Is Africa’s financial system about to experience yet another major disruption? Here's what we know

The Russian government has approved the use of cryptocurrency for investment and released a new set of rules amidst tension with Ukraine.

Bank of Russia had previously pushed for an outright ban of the digital currency over concerns it may cause financial instability.

In a report by Bitcoin.com, the country’s Ministry of Finance was said to have moved for regulation of the crypto market in a document submitted to the Russian parliament in a bid to close existing gaps in its previous regulation On Digital Financial Assets.

READ ALSO: Britain sanctions five banks, three individuals over Russia’s recognition of separatist regions

The document was submitted on February 18, four days before Russian President, Vladimir Putin, ordered the country’s military to invade some Russian-backed regions in Ukraine.

It was gathered that the document restricted the use of cryptocurrency as payment option, but favoured its use for investment.

This will allow different categories of investors to only buy and sell the asset, and not use it to purchase or acquire goods and services.

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