Russia plans to allow cryptocurrency operations

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Russia plans to allow cryptocurrency operations

03-07-2019 16:20

Russia plans to allow cryptocurrency operations

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Russia plans to allow cryptocurrency operations

The Russian government contemplated allowing buy and sell operations with cryptocurrencies in the country, Deputy Finance Minister of Russia Alexei Moiseev said. However, it is just an idea that is being discussed and no decision has been taken yet.

Currently, a draft bill is being prepared that would regulate the cryptocurrency sphere in Russia. “The main question regarding the digital money is how to use it. We consider several options from banning it to allowing buy operations with it,” Mr. Moiseev noted. At the same time, the policymaker added that cryptocurrencies could not be used for settlements.

In May 2018, the digital assets law was passed in Russia. The law stipulates that cryptocurrencies are prohibited to be used as means of payment. At the second reading of this law, the definition of the virtual currency was replaced with “digital operation symbols”.

The government intended to give consideration to the new document in the second reading at a meeting of the Russian State Duma on March 19, 2019, but the plans changed. Bank of Russia Governor Elvira Nabiullina said the regulator was still against allowing the digital currencies in Russia. However, the bank was ready to consider the project of interaction between the stablecoin and gold.

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