Russia’s Finance Ministry Might Give Passage to Crypto Trading in the Country

The position of some of the world’s governments with regards to cryptocurrency has been different from country to country. While some countries are looking to constitute regulations to safeguard the sector, there are some others who are notably uninterested and are even looking to create legislation that will enable the government to take legal action against erring citizens or firms. However, it’s not every day that a country considers rescinding an earlier passed bill which sought to outlaw the use of digital assets as a means of payment.

Russia Set To Allow Crypto Business

According to reports, the Russian Ministry of Finance (MinFin), has been looking into the possibility of allowing the purchase and sale of cryptocurrency in the country. Even though there has been no conclusive decision yet, Alexei Moiseyev – Russia’s Deputy Minister of Finance – has said that it’s a serious consideration which might be a part of a soon-to-come bill on the circulation of cryptocurrency in the country.

This is interesting news because in May last year, a bill which sought to ban the use of digital assets for payments was passed. Moiseyev now says:

“ fact, we now have a question of determining how much cryptocurrency can be used….After a political decision is made on this issue, we will have the responsibility.”

The unresolved decision was described as a compromise by the head of the Duma Financial Market Committee, Anatoly Aksakov, who also disclosed that the bill seeking to regulate the circulation of cryptocurrencies had already been recommended by the Financial Action Task Force.

Will Russia have a CBDC?

Very recently, it was also reported that Elvira Nabiullina, the head of the Bank of Russia, has said that even though there are no concrete plans for the actual floating of a Central Bank Digital Currency (CBDC), the possibility is currently being considered. A CBDC is a digital asset issued by any central bank and would be officially considered at least in the issuing country, as legal tender.

Nabiullina however touched on the need to make sure that before a CBDC is officially released, all the technology behind it has to be properly fine-tuned with little or no hitches.

According to her:

“If we are talking about a national currency that works as a whole in the country – that is, not about private assets – of course, this requires the technology to provide reliability and continuity. Technologies must be mature, including distributed ledger technologies.”

In the same breath, the Central Bank Head also pointed out that it was necessary to properly determine if the country was fully ready to go completely cashless. Explaining this, she said that there are more than a few places which are running an almost cashless society but there still are others were cash is still needed.

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