Russia’s Ministry of Finance to regulate cryptocurrency transactions

If Russia ends its ‘Love-Hate’ of cryptos, can it be the ‘King of Blockchain’?

Russia’s finance ministry shared information on its official website that it is working on legislation that would regulate cryptocurrency transactions without fully banning them, although it would not let digital FX be used as a payment in Russia.

The draft law is said that will also regulate issues related to public raising of funds, cryptocurrencies and initial coin offerings (ICOs) envisages, allowing such deals to be made only through digital exchanges.

At the same time, there is a disagreement with the Bank of Russia, regarding the possibility of exchanging cryptocurrency for rubles, foreign currency and/or others. According to the Bank of Russia, these transactions should be permitted only with respect to tokens issued in order to attract financing.

The ministry noted that cryptocurrencies have become quite widespread these days and its plan to regulate the cryptocurrency market would only support the budget, while a full ban on such instruments would create conditions for using them for illegal purposes.

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