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Russian Finance Ministry Shows Hope for Crypto Trading in the Country

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Russian Finance Ministry Shows Hope for Crypto Trading in the Country

Russian Finance Ministry considers the allowing of crypto trading, a representative of the ministry reveals. As per the report, Alexei Moiseyev, the Deputy Minister of Finance, tells the status of crypto trading in Russia. He said that the ministry has not yet reached the final decision. As a result, crypto trading might be possible in Russia.

Previously, a bill surfaced in the ministry on circulation of digital currencies in the Russian Federation. The bill prohibited the utilization of crypto assets as a payment method. The bill surfaced in May this year.

Similarly, Anatoly Aksakov is the Duma Financial Committee’s head. He calls the decision which is yet pending as a compromise. Additionally, he points out that the country Russia will adopt a bill in favour of cryptocurrencies. Precisely, FATF is the Financial Action Task Force recommending Russia to adopt the bill. The bill will regulate the crypto circulation towards the end of 2019.

Earlier in this week, the parliament of Russia, State Duma expects in the adoption of the major bill. The country might adopt the bill on DFA in the upcoming two weeks. And, DFA is the Digital Financial Assets.

Moiseyev declares ministry approved ICOs legislation

Meanwhile, Moiseyev declares that the ministry also approved legislation for ICOs. Interestingly, the separate legislation will include on the Russian law of crowd-funding.

Similarly this week, news surfaced related to the launch of CBDC. Russian Banks’ head said that they are exploring possibilities in the launching of CBDC. However, the planning for the same is not short, the head said. CBDC is the central bank digital currency.

On the other hand, Moiseyev has to say on the matter. According to him, when it comes to cryptocurrency, they had met. The FSB, along with Central Bank, participated in the meeting. But, now they question to determine the usage of cryptocurrency, as per the minister. Presently, the country shows the possibility of selling and buying of cryptocurrency. Surprisingly, the country before had a prohibition for digital assets. So, to this, the minister says that they have responsibility on regulating cryptocurrency after officials have made the decision.

lvia Nabiullina reveals that the country is exploring the possibiElities to issue CBDC

Amid these reports, Elvia Nabiullina says that the country explores the possibilities to issue their own CBDC. For the record, Nabiullina is the chairman of the central bank of Russia.

On the contrary, the State Duma imposed administrative penalties reportedly. They imposed penalties to those people who used to mine cryptocurrencies. Penalties were on people mining cryptocurrency with open blockchains. It implies that they were involved in mining, circulating, producing and also in the exchange of cryptocurrencies. Hence, the country banned these activities.

Moreover, Russia is still strict on the legitimization of all the cryptocurrencies. Even though resolution comes on the bill, the country will closely monitor all the activities. Russia, indeed, is one of few countries having doubts on digital assets till now. During the start of this week, the country rejected the project Libra. Project Libra is the stablecoin project of social media giant Facebook.

 

 

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