The Russian Ministry of Finance has drafted a bill to legalize the trading of cryptocurrencies on approved exchanges, according to a report from local media. Deputy Finance Minister Alexei Moiseev has indicated that the government is seeking to provide greater oversight. He said:
“This is about the fact that buying and selling [of cryptocurrencies] will be somehow standardized. The general idea is that it will be necessary to buy and sell on official exchanges, as it will be declared, it will be legalized.”
The news may come as a bit of a surprise, particularly given the recent rhetoric from other Russian officials in recent months. However, Moiseev has consistently maintained that Bitcoin would be legalized, though with restrictions.
The Ministry of Finance is still considering which exchanges would be approved. Moiseev indicated that the issue of exchanges is still “currently unresolved,” but the overall legalization is now “more or less clear.”
Many within the industry see the Russian addition of legalized cryptocurrencies as the first among many, as Blockchain and cryptocurrencies continue to remove boundaries between parties through trust networks. Carl Bennetts, co-founder of Status, told Cointelegraph:
“Where traditionally we have relied upon central authorities and institutions in order to conduct trade, blockchains shift this trust, and enable us to move towards a society that does away with middle-men and enables truly peer-to-peer trade, commerce and law.”
You may be interested
Self-Regulatory Body Outlines New Rules for 14 Korean Crypto ExchangesBrian Evans - Apr 19, 2018
The Korean Blockchain Industry Association, formed with 33 South Korean exchanges, has revealed a set of rules for 14 of its exchanges. The organization was formed in…
UBS-Backed Blockchain Platform Completes Live Trade TransactionsBrian Evans - Apr 19, 2018
The Batavia blockchain trade finance platform has completed a pilot that conducted live cross-border transactions involving corporate clients.
250 Corporates Join ICICI’s Trade Finance Blockchain PlatformBrian Evans - Apr 19, 2018
Indian banking giant ICICI, the country’s second-largest private bank, has roped in 250 corporates to conduct both domestic and international trade finance transactions on its ‘custom-made’ blockchain…