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Russia is considering to allow crypto trading

Jun 27, 2019

Russian government is actively discussing the idea of allowing cryptocurrency trading. The country’s major crypto bill on “Digital Financial Assets" is already being drafted, and Deputy Minister of Finance, Alexei Moiseyev, informed what should be expected when the legislation is finally passed:

"There is a range of possibilities from prohibition to the possibility of purchase. Like with foreign currency, it would be possible to buy and sell cryptocurrencies, but impossible to use them for payments. After a political decision is made on this issue, we will have the responsibility."

Russian Ministry of Finance has recently met with the Central bank and the Federal Security Service in order to discuss the aforesaid bill. Amid the discussed possibilities, currently the priority is to allow the buying and selling of cryptocurrencies. Crypto payments at present are not discussed.

The country is reportedly considering to permit cryptocurrency trading, although a final decision is yet to be made. According to the publicly available information, Cryptocurrency bill was supposed to be considered at the plenary meeting of the State Duma on March 19, but was postponed due to unknown reasons.

Russian Federation is planning to adopt the Cryptocurrency bill by the end of the year so as to meet recommendations of the Financial Action Task Force (FATF).

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