A bill was drafted last week by the Russian Ministry of Finance in order to legalize cryptocurrency trading on approved exchanges. This information comes from local media sources.
Alexei Moiseev, the Deputy Finance Minister shared that the government is trying to provide better insight, explaining, “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.”
Given the discussions by other Russian officials over the past few months, this information may come as a surprise to many. However, Moiseev has always maintained that Bitcoin would eventually be legalized, but with some restrictions. The bill will help establish more open cryptocurrency trading and investment in Russia.
Meanwhile, many other countries have started weighing in with their views on cryptocurrency, issuing statements in support of or against digital money. Japan embraced it fairly quickly, while South Korea has expressed many concerns.
Russian’s Ministry of Finance is still contemplating which exchanges will be approved. Moiseev indicated that the issue of exchanges is not yet resolved. However, the overall legalization is now fairly clear, he shared.
Many crypto enthusiasts and experts believe other countries will soon follow suit, after the Russian announcement to legalize cryptocurrencies. Around the world, digital money and blockchain companies are continuing to partner with other large companies, working to expand the cryptocurrency empire.
Exchange platforms are flooded with new users every day, and have even had to temporarily suspend new user registration in order to serve customers properly. One of the things that investors find appealing is the lack of regulation, so we will have to see how countries handle this aspect.
The co-founder of Status, Carl Bennetts, shares, “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.”